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How Stanbic IBTC Lost N205m To Former Employee

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A former staff of Stanbic-IBTC bank, Ajayi Olusola, has been arraigned before a Federal High Court in Lagos, for allegedly defrauding his employer a whoop sum of N205 million.

Ajayi, who now operates a limited liability company, Abel System Services Limited, was arraigned alongside the company on three count charges.

He was alleged to have committed the fraud alongside one Ayodele Olaogun and Hakeem Adisa Abdulhadi, who is said to be at large.

The charges levelled against them by the men of Police Special Fraud Unit (PSFU), Ikoyi, borders on conspiracy, obtained by false pretence and unlawful conversion.

Click To Also Read: N21m Fraud: Businessman, Taiyelolu Akeem Gets 3yrs Imprisonment

The former banker and his company, Abel System Services Limited, accused of committing the fraud between 2005 and 2021, were arraigned before the court presided over by Justice Abimbola Awogboro.

The prosecutor, Mr. Sylvester Azubuike, told the court that the offences committed by the former Stanbic-IBTC staff contravened Sections Section 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.

The prosecutor also contravened Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.

However, the former banker pleaded not guilty to the charges.

Following his not guilty plea, both the prosecutor and his lawyer, Bamidele Ogundele, argued his bail application.

Also Read: Alleged N2.8Billion Fraud Trial Stalled Over Defence Counsel ill-Health

Subsequently, the judge admitted him to bail in the sum of fifty million naira with two sureties in like sum.

Justice Awogboro also ordered that both sureties must produce evidence of three years tax payment to the Lagos State government, and that one of the sureties must be a landed property owner within the court’s jurisdiction.

The court has adjourned till November 10, for commencement of trial.

Charges Against The Defendant Reads: “that you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank did conspired amongst yourselves and others now at large to commit a felony to wit: obtain the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

“That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi, both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank by False Pretence and with intent to defraud, obtained the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by Falsely representing to the bank that you applied the funds as approved by the Board of the bank for the purpose of offsetting written off debt otherwise known as Bad Debit, Whereas you credited Abel Systems Services Nig. Ltd and subsequently converted the money to your own use and benefits amongst yourselves and others at large. The representation you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence Contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

“That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court, did convert to your own use and benefits the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Stanbic IBTC Bank, Lagos and thereby committed an Offence Punishable Under Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.”

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Top Court News is a product of a dedicated Journalist, owner of I-Wahab Media The Publisher started his Journalism career with Murhi International TV, MiTV in 2003 before working with Radio Nigeria, Lagos Operation, as a Judicial Correspondent. He is presently the Chairman of the National Association of Judicial Correspondent, NAJUC, Ikeja Branch and he is the Vice Chairman of Nigeria Union of Journalist, NUJ, Radio Nigeria Chapel. topcourtnewsng.com is out to serve you with informative and educative News in the Judiciary sector. To put an end to the under reported activities of the sector among the three arms of government

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Market Demolition: Court Threatens Lagos AG, Kosofe LG Chairman Over Contempt

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A Lagos High Court sitting in Ikeja, has warned the state government and others against their defiant to a valid court order stopping them from further action on demolition of 795 shops in Alaba section of Mile 12 market.

Justice Lateefat Atinuke Oluyemi had on January 11, 2023 ordered parties in the suit filed by the Incorporated Trustees of Orirere Commodity Leaders and Traders Association to maintain status quo ante, restraining respondents from further action on the land.

The plaintiff aside Incorporated Trustees of Orirere Commodity Leaders and Traders Association are: Yeye Precious Modupe Ojo, Alhaji Akinwale Jimoh and Babatunde Adetula instituted the suit against the Lagos State government.

The defendants in the suit are Kosofe Local Government/Ikosi Isheri Local Council Development Area, Dr. Chris Onyekachi; Total Value Integrated Services Limited, Attorney General and Commissioner for Justice,

Lagos State Ministry of Physical Planning and Urban Development as first to fifth respondents respectively.

Also Read: Industrial Court President Orders Reopening of Owerri Judicial Division

However, at the resumed hearing, Mr. Gbolahan Quadri informed the court that, despite the subsisting order, the respondents were still constructing on the land known has Alaba Section, Mile 12 Market, Ikosi-Isheri.

His submission made Justice Oluyemi give a very strong warnings to the respondents to desist from disobeying court order, while threatening to commit anyone who violates the courts order to prison.

A lawyer who appeared for respondent prayed the court to give them time to file necessary applications and their response to the suit.

The judge subsequently adjourned to March 30, 2023 to enable the defence to file necessary applications.

Meanwhile, the traders and owners of 795 demolished shops throngs court in hundreds, protesting against the Lagos State government and it’s agent alleged flouting an order of court restraining them from further demolition.

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They alleged that three traders have died in less than one week, following the decision of the Lagos State Government to intensify demolition of the shops.

Speaking with the newsmen after the proceedings at the high court premises, the market leader, Yeye Modupe Ojo said three traders, Mujidat Suleiman, Adejoke Olawole and Ademola died as a result of shock, noted that the deceased children are with them in the struggle.

Ojo disclosed that, last year October 26, 2022, a notice of contravention was pasted, notifying them that the Lagos State Government will commenced demolition, two days after the notice.

She said they approached the court for justice when the Iyaloja General of Lagos State, Mrs. Iyabo Ojo refused to plead on their behalf but urged them to collect forms and make payment for the new structure.

“Now, am in court to seek justice for these poor people, despite the interim injunction, they are working there with over 200 thugs and policemen.”

She added that the traders want the govt to stop demolition. “We should sit on round table to talk and compensate our people. We welcome innovation, we don’t want war.”

Click To Read: Lagos State Commences Publication Of Details Of Convicted Sex Offenders

Also speaking, a leader in the electronic section, Mr. Titus Ezeugo, a 70 year-old man, said the land was allocated to them by the Lagos State Government and that they developed the market with their personal money.

He said they have documents of allocation with receipt of payment, adding that the Lagos state government should tell them what type of structure they want now and they will restructure to that effect.

According to him, the market was not built by government but by private developers.

He said that since the market was built, the traders have been making payment to government and that some of those who collected loans have not been able to offset the loans.

Ezeugo further said the market was approved by the Lagos State Government. He said what will he and his family live on now that he is at retirement age and he is calling for justice.

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Court Restrains Parties From Tampering With Controversial Mile 12 Market

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The High Court of Lagos State, Ikeja, has issued an order of interim injunction, restraining Kosofe Local Government; Ikosi/Isheri Local Council Development Area; Dr. Chris Onyekachi; Total Value Integrated Services Limited; Attorney General and Commissioner for Justice, Lagos State; and Ministry of Physical Planning and Urban Development from entering or forcefully taking over the land known as Alaba Section of Mile 12 Market, Kosofe area, pending the determination of a Motion on Notice already before it.

The Motion on Notice was initiated by the claimants/applicants namely; Incorporated Trustees of Orirere Community Leaders and Traders Association, Yeye Precious Modupe Ojo, Alhaji Akinwale Jimoh, and Babatunde Adetula (suing for themselves and on behalf of the traders from the Alaba section of Mile 12 market).

The court presided over by Justice (Mrs.) L.A.F Oluyemi also gave an order of interim injunction restraining the defendants/respondents by themselves, their agents, servants, privies, and/or any other person howsoever described from demolishing or forcefully taking over the land known as Alaba Section of Mile 12 Market, Kosofe, Lagos, pending the determination of the Motion on Notice.

Also given by the judge in the suit designated ID/6464GCMW/2022, and brought pursuant to Order 42 Rules 1 and 4 and Order 43 of the High Court of Lagos State (Civil Procedure) Rules, 2019, Section 1 of the Preemptive Remedies Section of the Practice Direction, No 2 of 2019, and under Section 34, Section 36 and Section 43 of the Constitution of the Federal Republic of Nigeria, is an order of interim injunction restraining the defendants/respondents by themselves, their agents, servants, privies, and/or any other person howsoever described from building on the land known as Alaba Section of Mile 12 Market, Kosofe Lagos, pending the determination of the Motion on Notice.

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Justice Oluyemi on January 11, 2023, further made an order of interim injunction restraining the defendants/respondents by themselves, their agents, servants, privies, and/or any other person howsoever described from letting out the land known as Alaba Section of Mile 12 Market, Kosofe Lagos, pending the determination of the Motion on Notice.

Prior to the injunction order, It was learned that on the 18th of December 2022, the respondents continued with the demolition of the said Market, despite service of court processes and prior agreement by all parties in the office of the Commissioner of Police, Lagos State, held on 17th December 2022 to stay action till the Meeting fixed for the 19th December 2022.

On the 19th day of December, the second meeting was held. All parties who attended the previous meeting also attended this one.

However, In this meeting, Counsel to the applicant, M.G. QUADRI Esq of G.kolawole Quadri & Co was refused entry and chased out by Princess Samiat Abolanle Bada (The Chairman of the Ikosi-Isheri Local Council Development Area).

The Respondents orally promised the Applicants to begin some sort of resolution process and to stop the further destruction of the Market.

Click To Read: Court Orders Banks To Freeze Developers Account

But despite the promises given, the destruction of properties and assault on helpless traders by heavily armed thugs has not stopped, it has only increased exponentially.

From the time the motion on Notice was filed up until now, more parts of the Alaba Section of the Mile 12 Market have been destroyed and demolished.

Traders have been forced away from their shops and thugs have been patrolling the area, assaulting anyone that comes close.

The matter has been adjourned to the 19th of January 2023.

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Court Restrain UPDC Plc From Acting Over a Disputed Land

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Justice Olufunke Sule-Amzat of a Lagos High Court sitting in Yaba has ordered a firm, UPDC Plc to maintain status quo in a suit filed against him by Oluwafemi Ayodele over the portion of the land area covered by the piles, along Bishop Aboyade Cole Street, Victoria Island, Lagos.

The court order of staying action on the land was sequel to an application filed before the court by claimant counsel, Mr. Gboyega Oyewole (SAN), asked the court for a restraining order on the land pending hearing and the determination of the suit.

The senior silk, Oyewole in an originating summons brought pursuant to section 272(1) of the 1999 Constitution of the Federal Republic of Nigeria (As amended) and under Order 5 Rule 5 of the High Court of Lagos State (Civil Procedure) Rules, 2019.

He prayed the court to determine whether the claimant is entitled to specific performance of the valid and subsisting contract between the and the defendant for the purchase of the parcel of land measuring 1000 Square Metres representing the portion of the entire land area covered by the piles, along Bishop Aboyade Cole Street, Victoria Island, Lagos.

He also prayed to the court for a declaration that the contract duly executed by the claimant and the defendant based on the offer letter dated 28″ September 202.2, 15 valid and subsisting having regard to the acceptance of same and payment of consideration.

Read Also: Court Restrain FG From Surrendering Nigeria Air To Ethiopian Airlines

While ruling on the application after Oyewole’s submission, Justice Sule- Amzat order the parties to maintain the status quo.

The judge said that she has listened to the learned silk, Oyewole (SAN) praying the Court for a preservative order to maintain status quo in order to forestall the dissipation of the res.

” I have taken cognizance of the fact that the preservation of the res would serve the better end of justice. I am also mindful that there is a need to hear the other side and prevent breakdown of law and order, parties in this suit are hereby ordered to maintain status quo pending the hearing and determination of this suit.”

She also ordered that hearing notice to issue, copy of same and affidavit of service of same be put in the court file before the next adjourned date.

The judge subsequently adjourned the case to February 7, 2023 for further proceedings.

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