A Federal High Court in Lagos on Wednesday granted three Bureau-De-Change operators N20 million bail each with two sureties in the like sum, following their arraignment for an alleged N437million fraud.
Justice Nicholas Oweibo remanded the defendants – Jimmy Ibrahim, Obianuju Tessy Umejesi and Uche Madubuko – in prison custody pending their perfection of the bail terms.
One of the sureties must be a landed property owner in Lagos, while the second surety must be a Grade Level 12 officer with Lagos State of the Federal Government, the judge said.
The trio were arraigned on August 22 by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos on a five-count charge of conspiracy, obtaining money by false pretence and fraud.
Each defendant pleaded not guilty, following which the judge adjourned to hear their bail applications.
At the resumed hearing of proceedings yesterday, Mr. Adekunle Adesanya (SAN), U. G. Ezeaba and Agnes Uzulor, prayed the court to admit the defendants to bail “in the most liberal terms.”
But prosecution counsel Mr. Chukwu Agwu opposed them, arguing that others involved in the alleged offences are at large and granting the bail applications may jeopardise police efforts to arrest them.
But, in a bench ruling, Justice Oweibo held: “In line with Section 36(5) of 1999 Nigerian Constitution and Section 162 of Administration of Criminal Justice Act (ACJA), each defendant is hereby admitted to bail in the sum of N20million with two sureties in the like sum.”
He adjourned till October 3 for trial.
The SFU, in a charge marked FHC/L/292c/19, alleged that the defendants committed the offences while operating under the names of Regis Bureau De Change, Jayjibs Ventures, Johim Ventures and Jajibs Bureau-De-Change.
It said the trio, sometime in January, fraudulently obtained N437million from a firm, with a false promise to supply $1.2 million, which is the United States’ dollar equivalent.
One of the operators, Jimmy Ibrahim, was said to have in April, May and June this year, issued three United Bank for Africa (UBA) cheques, numbered: 77046252; 77046253 and 77046254 from account number 1015196430i, with the total value of N73million, as part payment of the sum, but they were dishonoured for insufficient funds.
