The Economic and Financial Crimes Commission (EFCC) has arraigned Keystone Bank PLC (former Bank PHB) and five others before Justice Habeeb Abiru of the Lagos High Court in Ikeja, for conspiracy and fraud.
The bank is charged along with Anayo Nwosu, Ashrok Isran, Olajide Oshodi, Sunny Obazee and Nulec Industries Ltd. They are alleged to have defrauded Sir Daniel Chukwudozie of Dozzy Oil of N855,000,000.
Mr Nwosu, Oshodi and Obazee are management staff of Keystone Bank while Isran, an Indian is the Chairman of Nulec industries.
In the second count the defendants are alleged to have with intent to defraud, obtained the sum of N855, 000,000 from Sir Daniel Chukwudozie of Dozzy Oil under the false pretence that the said sum represented payment for preference shares of Nulec Industries in an upcoming initial public offer which they knew to be false.
All the defendants pleaded not guilty to the alleged offences.
Justice Abiru after listening to the submissions of lawyers in the suit granted the defendants bail.
The judge ruled that the Chairman and the Managing Director of Keystone Bank/ Bank PHB must write a letter of undertaking to guarantee that Nwosu, Oshodi and Obazee will be in court for their trial.
He also ruled that a member of the top management would stand surety for them in the sum of N100 million. But he granted bail to the Indian in the sum of N50 million with two sureties in like sum.
The judge said one of the sureties must have a landed property in Lagos.
The sureties must also show evidence of payments of tax while the travel documents of Isran are to be deposited with the EFCC.
The alleged fraud is said to have been committed between June and July 2008.
The matter has been adjourned till the 22nd and 23rd of October.