EFCC has arraigned ex-bank PHB director, Funmi Adenmosun over alleged N26.6bn fraud.
Glamtush reports that the Economic and Financial Crimes Commission (EFCC) has arraigned a former director of Bank PHB (now Keystone), Funmi Adenmosun, before a Federal High Court, sitting in Lagos for an alleged N26.6 billion money laundering.
This online platform understnads that Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited.
They were arraigned before Justice Daniel Osiagor on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
The EFCC prosecutor, Rotimi Oyedepo, who informed the court of the 10-count charge dated January 5, 2020, urged the court to direct that the charge be read to the defendants.
After the reading of the charge, Adenmosun pleaded not guilty to all 10-counts.
The prosecutor, Oyedepo then requested a trial date and urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
Adenmosun’s lawyer, Senior Advocate of Nigeria, Wale Adesokan, however, told the court that a bail application dated January 13, 2022, had been filed and the same had been served on the prosecution.
He urged the court to instead hand over Adenmosun to him after giving an assurance that the defendant would always attend court for the hearing of his case.
But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.
The judge directed that one of the sureties must be a grade level 15 officer in either the federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction of the court.
The judge further directed that the defendant should be remanded in EFCC custody pending the perfection of his bail application.
The matter has been adjourned to February 24, 25th and March 4, 2022, for hearing.
Below are the counts against the defendant:
“That you, FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED AND RARE PROPERTIES AND DEVELOPMENT LIMITED sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the total sum of N26, 6000 096,006.00 (Twenty Six Billion, Six Hundred Million Naira) which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18 (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Act”.
“Count 2: That you, FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED On or about the 8th day of November: 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 3: That you, RARE PROPERTIES AND DEVELOPMENT LIMITED on or about the 8″ day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N450,000,000.00 (Four Hundred and Fifty Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the Name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 4: That you, FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED on or about the 9″ day of November 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N610.600,000.00 (Six Hundred and Ten Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 5: That you, RARE PROPERTIES AND DEVELOPMENT LIMITED on or about the 9th day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000.00 (Six Hundred And Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an Offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 6: That you, FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED on or about the 12th day of November 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N702,000,000.00 (Seven Hundred and Two Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act”.
“Count 7: That you, RARE PROPERTIES AND DEVELOPMENT LIMITED on or about the 12th day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702,000,000.00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 8: That you, FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED on or about the 13th day of November 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and Six Million) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the Name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 9: That you, RARE PROPERTIES AND DEVELOPMENT LIMITED on or about the 13th day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N706,000,000.00 (Seven Hundred and Six Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
“Count 10: That you FUNMI ADENMOSUN AND HOME TRUST SAVINGS AND LOAN LIMITED between 14th day of November and 31st day of December 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the aggregate sum of N12,572,001,050.00 (Twelve Billion, Five Hundred and Seventy-Two Million, One Thousand, Fifty Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act”.
