The Economic and Financial Crimes Commission (EFCC) on Thursday re-arraigned the former Managing Director of Union Bank of Nigeria PLC, Barth Ebong and three others before a Federal High Court in Lagos on a 20 count charge of alleged fraud and money laundering.
The EFCC alleged that Mr Ebong granted credit facility of over N40 billion with no security when he held sway as the bank’s Chief Executive Officer.
He was arraigned before Justice Rita Ofili-Ajumogobia alongside three others, Henry Onyemem, Niyi Opeodu, and Samuel Anyininuola.
It will be recalled that the defendants were initially arraigned before Justice Dan Abutu on September 2009 and upon his retirement they were re-arraigned before Justice Binta Nyako on May 24 last year.
They were again re-arraigned before Justice Ofili-Ajumogobia on Thursday, following the transfer of Justice Nyako, from the Lagos Division of the Federal High Court.
However, all the accused persons pleaded not guilty to the charges.
Counsel to the bank Chiefs, Mike Oran, moved an oral application for bail on behalf of the accused persons, urging the court to allow the accused persons to continue to enjoy the earlier bail condition granted to them by the former trial judges.
But this was objected by counsel to the anti-graft agency, Nkem Okolie, arguing that their bail had lapsed following their re-arraignment, and so they should not be granted bail.
Okolie further argued that the defendants possessed the tendency to jump bail if granted, and urged the court to refuse the oral bail application of the defence counsel.
In her ruling, Justice Ofili-Ajumogobia over ruled prosecution counsel’s submission, and ordered that they should continue to enjoy the earlier bail granted by the previous trial judge.
She then fixed December 6 for continuation of trial.
They were previously granted bail by Justice Abutu in the sum of N100 million.
The Judge also asked them to produce two sureties in like sum, who must be Nigerians, resident in Lagos or Abuja, be the chairman, board of directors of a financial institution in Lagos with total assets value as shown in the company’s annual report not below N1billion.
