Following a court ruling, a Canada based Nigerian, Joseph Ifeanyichukwu, has been remanded in the custody of the Police Special Fraud Unit (PSFU), over alleged N360 million.
Justice Daniel Osiagor of Lagos Federal High Court, who presided over the court, ordered the Canada returnee to be remanded after he pled not guilty to the charges of conspiracy, obtaining by false pretence and fraud to the tune of N360 million.
Prior to his arraignment on Friday, the prosecutor, Mr. Emmanuel Jackson, Chief Superintendent of Police (CSP) and head of PSFU’s Legal Department, informed the court that the defendant has been on the run since 2016, when he committed the crimes.
Jackson informed the court the the defendant, who had turned down all police invitations, was apprehended at the Murtala Muhammed International Airport, Ikeja, Lagos, by the police when he returned to the country to attend a friend’s marriage ceremony.
Arraigning the defendant in a charge marked FHC/L/484c/22, the prosecutor told the court that the defendant alongside his companies, Paradox-akachi Company Limited and Paradox Group Inc along with the duo of Samuel Edu-El and Samuel Kanu (both at large), sometimes in 2016, conspired among themselves and fraudulently obtain the sum of N360 million, from one Ese Avanoma, of Brade Consulting Limited.
The prosecutor told the court that the defendant and others collected the money with false pretence to exchange and sell the sum of $1.7 million to the plaintiff (Avanoma).
Jackson added that upon receiving the $1.7 million, the defendant and others now at large, converted same to their personal use and disappeared into thin air.
The prosecutor also informed the court that the offences committed by the defendant, contravened Sections 8(a) and 1(1)(a) and punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006. And Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.
Upon the plea of not guilty by the defendant to the charges, the prosecutor asked the court for trial date, and also urged the court to remand him in the Nigerian Correctional Services (NCoS) custody, till the determination of the charges against him.
However, Barrister Bassey Akpan, in applying for his client’s bail, informed the court that application for such has been filed and same has been served on the prosecution. He urged the court to admit his client to bail in the most liberal terms.
The prosecutor admitted he was served with the application, and told the court that since bail is at court’s discretion, he is unopposed to it. But urged the court to impose terms that will ensure the defendant’s appearance in court till the determination of the charges.
Ruling on the counsel’s submissions, Justice Osiagor admitted bail to the defendant in the sum of N50 million with one surety in the like sum.
Justice Osiagor also ordered that the surety must be residing with the court’s jurisdiction and must also be an owner of a developed landed property with title documents, adding that, the surety must produce evidence of three years tax.
The judge also said that the defendant must deposit his traveling documents with the court’s Deputy Chief Registrar (DCR).
The judge while adjourning the matter till October 27, for trial, ordered that the defendant be remanded in PSFU’s custody till the perfection of the bail terms.
