N1 billion Bank of Industry Fraud: Three Arraigned

2 Min Read
BoI’s Managing Director, Rasheed Olaoluwa

Three men have been charged to court on Monday by the Economic and Financial Crimes Commission for allegedly stealing the sum total of N1,424 billion belonging to the Bank of Industry (BOI).

The three accused men, Johnson Salako, Enoche Ugbabe and Enebeli Theophilus were brought before Justice Oluwatoyin Ipaye of the Ikeja High Court today although Johnson Salako was arraigned in absentia.

Mr. Johnson Salako arraigned in absentia was said to have jumped the administrative bail granted him by the EFCC. While Enoche and Enebeli who were present at the court were arraigned on a five-count charge of conspiracy and stealing.

Babatunde Sonoiki, the prosecuting counsel said the accused were alleged to have “conspired to commit felony and stealing contrary to section 516 of the Criminal Code Law of Lagos State.” continuing by stating that the accused stole the sum of N1,424,774,000 belonging to Bank of Industry (BOI) by falsely representing to the bank that the sum was meant to finance a project.

Enoche and Enebeli were also accused of forging two title deeds and a Certificate of Occupancy (C of O) which was pledged as a security for obtaining the said amount.

The accused pleaded not guilty to the charge before the court which has ordered they be remanded in prison custody pending the hearing of their bail application. The court further adjourned the case hearing till February 4, 2016.

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