The trial of businessman Michael Abiodun Ponle and his company over an alleged $20 million fraud involving Union Bank of Nigeria has commenced before the Lagos State High Court sitting in Ikeja.
Ponle is standing trial alongside Origin Oil and Gas Limited on charges filed by the Economic and Financial Crimes Commission, EFCC, bordering on conspiracy, obtaining money by false pretences and forgery.
The case is linked to an alleged 2012 transaction in which a disputed mortgage document was reportedly used in connection with credit facilities granted to Origin Oil and Gas limited.
At the resumed proceedings before Justice Ismail Ijelu, the prosecution called its first witness, a legal practitioner, Ayodeji Durojaiye.
Led in evidence by EFCC counsel, Spiff Owede, Durojaiye told the court that he was instructed by the chairman of Micom Cables and Wires Limited, Prince Ayantunde Ponle, to investigate documents allegedly used to mortgage some of the company’s properties as security for facilities granted to Origin Oil and Gas Limited.
The witness said his law firm subsequently searched court records and obtained certified true copies of documents relating to an earlier suit involving Origin Oil and Gas Limited and other parties.
According to him, the documents included deeds of mortgage covering properties belonging to Micom Cables and Wires Limited, including properties at Banana Island and Ijora, Lagos.
Durojaiye said after examining the documents, his client denied knowledge of the alleged mortgage transactions and told him that the signatures on the disputed documents were not his.
He further testified that his client had neither executed the documents nor authorised the company’s board to use the properties as security for facilities obtained by Origin Oil and Gas Limited.
The development, he said, prompted his firm to petition the EFCC in 2021, requesting an investigation into the allegations.
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During cross-examination by counsel to the first defendant, Olalekan Ojo, SAN, the witness admitted that the investigation carried out by his firm consisted principally of searching the court records, studying the case file and obtaining certified copies of relevant documents.
Durojaiye also acknowledged that his client had told him that the signatures on the disputed tripartite deeds of mortgage appeared similar to his signature, although he maintained that his client denied signing the documents.
The witness was further questioned over an earlier legal dispute concerning the Ijora property.
He confirmed that his law firm had acted as solicitor to Mycom Cables and Wires Limited in the matter and that the dispute was eventually resolved through a consent judgment.
Durojaiye told the court that, under the terms of settlement, payments totalling N170 million were made for the sale and transfer of the property.
He, however, rejected the suggestion that the settlement established ownership of the property in favour of the first defendant.
The witness also denied claims that EFCC investigators had advised his client to execute transfer documents after allegedly determining that payment had been made for the Banana Island property.
The court subsequently adjourned the case until October 22, 2026, for continuation of cross-examination of the first prosecution witness by counsel to the second defendant, Origin Oil and Gas Limited.
Earlier, the court had ruled on applications by the defence seeking disclosure of investigation materials and other documents.
Justice Ijelu ordered the prosecution to provide existing statements made by persons interviewed during the investigation and in its possession or control, but declined to order the production of investigation reports whose existence had not been established.
