The trial of the former Managing Director of the Defunct Afribank Plc, Sebastian Adigwe, for allegedly conniving with some other persons to grant fictitious loans totalling about 26 billion Naira continued on Monday at the Lagos High Court, Ikeja.
An Investigating Police Officer, Mr Emmanuel Al-Hassan, gave the court a graphic detail of how the fictitious loans were granted without security.
Adigwe was arraigned alongside Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia, Henry Arogundade and Peter Ololo before Justice Olabisi Akinlade on a 36-count charge bordering on conspiracy, stealing and receiving stolen property.
The commission alleged that the stolen money was fraudulently converted to the use of AIL Securities Limited, Asset Management Nominees Holding Limited and Falcons Securities Limited belonging to the defendants.
Led in evidence by counsel to the Economic and Financial Crimes Commission (EFCC), Dr. Ekwueme, the witness told the court that on March 2, 2009, the sum of 10 billion Naira was granted to Petosan Property Development Company without any security.
The witness, Mr Al-Hassan also testified that an additional sum of 16.5 billion Naira was taken from Afribank and lodged into Kolvey Company Limited which belonged to the 7th defendant (Peter Ololo).
According to the witness, the EFCC’s investigation showed that Petosan Property Development Company and Kolvey Company Limited had no banker or customer relationship with Afribank prior to the disbursement of the money.
After the Monday session the court adjourned till May 27 for continuation of the trial.