A branch manager of First City Monument Bank (FCMB) Plc, Ajah Branch, Mr. Osasere Bakare, and one Omowumi Adewoye have been arraigned before a Federal High Court in Lagos over an alleged N99.8 million fraud involving conspiracy, unlawful removal of a Post No Debit (PND) restriction, and conversion of funds.
The defendants were arraigned on Monday before Justice Akintayo Aluko on a two-count charge marked FHC/L/178C/2026, filed by the Nigerian Police Force, Zone 2 Command, Onikan, Lagos.
According to the prosecutor, Barrister S. I. Iredia, the defendants allegedly conspired with others still at large on November 15, 2024, to unlawfully convert N99.8 million belonging to GDL.
The prosecution told the court that the money had been deposited into account number 2004677096, belonging to one Jacobson Enya, under an agreement that the account holder would neither access nor tamper with the funds for 28 days.
The prosecutor alleged that Bakare, in his capacity as branch manager, abused his office by removing the lien placed on the account and transferring the N99.8 million into a fixed deposit account within the same branch without the approval of FCMB management or the consent of GDL, the owner of the funds.
According to the prosecution, the alleged offences contravene Sections 516, 383(1), (2)(a), (b) and (c) of the Criminal Code and are punishable under Section 390(9) of the same law.
Both defendants pleaded not guilty to the charges.
Following their plea, the prosecution requested the court to fix a trial date and remand the defendants pending the determination of the case. However, counsel to the defendants urged the court to allow them to continue enjoying the administrative bail earlier granted by the police.
In his ruling, Justice Aluko allowed the defendants to continue on the administrative bail granted by the police and admitted each of them to bail in the sum of N50 million, with two sureties each and other conditions.
The judge ordered the defendants to perfect their bail conditions within 14 days, failing which they would be remanded in the custody of the Nigerian Correctional Service (NCoS).
The case was subsequently adjourned until November 5, 2026, for trial.
In the charge, the prosecution alleged that the defendants conspired with others at large to steal the N99.8 million and unlawfully removed the lien placed on Jacobson Enya’s account, before converting the funds into a fixed deposit account without the approval of FCMB or the consent of GDL, the owner of the money.
The prosecution maintains that the alleged actions constitute offences under the Criminal Code.
Comment here