The accused allegedly duped a bank customer of N30 million.
A Federal High Court in Lagos on Monday fixed May 27 for the trial of a former Branch Manager of First City Monument Bank Plc, FCMB, Rosemary Usifo.
The accused was arraigned by the Special Fraud Unit on December 5, 2013.
Ms. Usifo was facing a N30 million fraud alongside the FCMB on a count charge, bordering on the alleged offence.
She, had however, pleaded not guilty to the charge and was remanded at the Kirikiri Prisons, pending her bail application.
When the case came up for trial on Monday, the accused was not in the court.
The Judge, Saliu Saidu, adjourned the case to May 27.
The accused had in 2011 allegedly defrauded her bank customer of N30 million.
She allegedly obtained the money from the fixed deposit account of one Archibong Nkanga, a retired Deputy Inspector-General of Police.
The alleged offence contravenes the provisions of Sections 1(2) (a), (c), and 3 (1) (2) of the Miscellanous Offences Act, Cap. M17, Laws of the Federation of Nigeria, 2004.
Otunba Lekan Osifeso is no stranger to controversy-and the Ijebu-high Chief has courted another, after it was discovered that his company, Lekai construction Limited is enmeshed in negative business practices.
Before now, Otunba Osifeso was in the kind of business the likes of Chief Fred Ajuda and Ade Bendel were into. However, unlike them, he was able to stop ‘hustling’ without being once convicted of the serious criminal offence.
A page turned in the Lagos big boy’s life when he ditched advance free fraud, so as to become an Abuja portfolio contractor.
Sources told orijoreporter that his convenient marriage to pretty and highly connected popular Abuja night club owner(Excellencio), and London returnee, Tola Solomon, led to Otunba Osifeso’s fairytale rise in the Federal Capital Territory .
After years of playing madam at the notorious Excellencio, Tola reinvented herself as a fashionista, selling trendy ladies wears to prominent Abuja women and states first ladies.
It was gathered that Lekai Construction Ltd rode on Tola’s influence to corner juicy construction contracts in Abuja. And things changed for the CEO (Otunba Osifeso) who was impoverished by the NDLEA and other security agencies in Lagos due to his involvement in controversial deals.
Investigation by orijoreporter revealed that Otunba Osifeso whose praise has always been in Fuji icon, KWAM1′s mouth, now has a luxury-three- bedroom apartment. A rented office in Durunmi 3 Area of Abuja, Lekai Construction’s office is as beautiful as any tiptop office in Manhattan.
However, Otunba Osifeso’s routes to financial success has been as crooked as a crooked country roads.
In 2012, his company won a N6.5billion road contract in the Federal Ministry of Works with fake tax papers. The ministry’s procurement department headed by Mrs. M B Orewa and the Works Minister, Mike Onolememem turned the blind eye on Lekai Constructing cheating after they allegedly received bribe.
It was said that Otunba Osifeso raised the $300,000 bribe (about N50M) he allegedly gave the Works Minister from the proceeds
of the right wing of his duplex located at Jabi Area of Abuja, which he sold to Sheriff Shagaya, son of First Lady, Dame Patience Jonathan’s friend, Hajia Bola Shagaya. Sheriff who once lost about N70m in an oil deal with ex-head of States, IBB’s son, Aminu Babangida is currently perfecting strategies to contest for Ilorin West/Asa Federal Constituency Seat in 2015 under the umbrella of Peoples Democratic Party (PDP).
Orijoreporter gathered that Otunba used part of the proceeds of his house sale to throw a lavish party for his late father at Ijebu in Ogun State on the 22nd of December 2012.
Sources said that the Ijebu-high chief often adopts tricky plots to bamboozle government officials by hurrying them up to mobilize him without getting Advanced Payment Guarantee (APG) from his bank. A contravention of the procurement act that mandates huge contracts such as his, to come with an APG issued by winning bidders’ banks.
The APG, a guarantee from the contractor’s bank accepting to bear the financial responsibility should the contractor fail to meet up, precedes mobilization payment. It also means the bank must monitor the project and ensure full compliance.
However, Works Minister, Mike Onolememem approved the sum of N800 million naira for Lekai Construction without carrying out due diligence.
An underperforming firm, the company was said to be operating with forged documents.
When our correspondent enquired from Otunba Osifeso about his company’s unethical practices on phone, his argument was that Lekai Construction is not the only one in it.
“Companies, which are owned by notable Nigerians are doing it, and nothing happened to them,” he argued.
Culled from: OrijoReporter.com

After what seems like a relief from his chains of legal battles home and abroad over his fraudulent practices in his capacity as the Managing Director of the defunct Intercontinental Bank, Dr. Erastus Akingbola who was found guilty of stealing and diversion of billion of depositors funds to buy properties in the United Kingdom and purchase of shares for himself to manipulate its share price in the stock market, is struggling to make a return.
Perhaps unaware that there is nothing left of his reputation after the land judgement delivered by Mr. Justice Burton of the Royal Courts of Justice, Strand, London in a suit instituted by Intercontinental Bank soon after the Economic and Financial Crimes Commission charged him for fraud in 2010, Akingbola who was ordered to refund the about N165bn stolen from the Bank through various fraudulent means, is still struggling to find relevance in the society.
Akingbola who is trying to exploit current situation to bury some of his unwholesome practices while in office such as granting and guaranteeing loans to his companies to the tune of N16bn in respect of Tropic Finance and unlawful share purchase scheme of N145bn and about £10.5million in respect of Furgler Payment claim, has begun to run from pillar to post, seeking sympathy from the President of the country and many government financial regulatory bodies, but it seems nobody is ready to look his way because of the weight of evidences against him.
Unfortunately for the former Banker, the story of how he looted Intercontinental Bank is still fresh in the memory of Nigerians. According to available facts presented by Jimoh Ibraheem, the Bank’s Chief Inspector who was prosecution witness in the high profile case of fraud and stealing against Dr. Erastus Akingbola. He detailed how funds were transfered to the offshore account of Dr. Akingbola.
Led in evidence by defence counsel, Godwin Obla, Abdulraheem told the court that he was once invited by the EFCC to give statement about the movement of funds from Intercontinental Bank to various companies account on the instruction of Akingbola while he held sway as Managing Director of Intercontinental Bank.
He went on to identify a copy of the statement he wrote on 28 January, 2011. Obla consequently urged the court to admit the document as exhibit but defence counsel, Felix Fagbohungbe, SAN objected, arguing that he needed time to study the document. The objection was over ruled by the court and the document was admitted as exhibit.
Another document authorizing the transfer of £1.3 million was also tendered by Obla. After certifying that he recognized the document, the witness informed the court how he was ordered via an instruction memo to transfer the sum of 1.3 million pounds to the account of a British Law Firm, Fulgers Solicitors. “I was authorized by Dr Akingbola to inform the Head of Funds Department, prior to the instructions; there were discussions that the said amount be transferred to the account of Tropic Finance Limited. The instruction came via a memo and the order was swiftly carried out. Mr. Akin Fabunmi who is the Head of Funds Department carried out the instruction, “he stated.
A copy of an unsigned memo conveying Akingbola’s instruction to effect the transfer was given to the witness to confirm if that was the memo containing the instruction. The witness confirmed the document which was subsequently admitted as exhibit. As to the where about of the originals, Jimoh said all original documents relating to the trial were lost in the cause of investigation.
He continued that the instructions were carried out and the funds were transferred to the account of a British Law Firm, called Fulgers Solicitors. Obla asked the witness if there was any evidence to back up what he said. The witness said an electronically generated swift message is attached to the unsigned memo which represents the confirmation of payment. He was asked if he would recognize the said message. He answered in the affirmative and the court handed him a copy of both the message which he confirmed. He said such messages are usually printed out of the computer if foreign account transfers are carried out.
Counsel to Akingbola said the documents tendered are not original and urged the court not to admit them as exhibits.Obla responded saying the originals have been misplaced as stated by the witness in the process of investigation. He referred the court to section 97(1) C of the Evidence Act which said copies of documents can be admitted. The objection was overruled by the court and the documents were admitted as exhibit
Another document tendered by Obla was a letter written to the Bank (Intercontinental Bank Plc) by one Corporate Securities Nigeria Limited requesting that the Bank should make a payment of 10 billion naira for some shares purchased for the bank. The letter listed how the payment was to be made to some companies. These companies are: Tropics Securities, Bankinson Nig. Ltd, and Tropics Properties.
The letter was signed by Bayo Dada, who is a co- accused. The witness said that instruction was also carried out as the funds were taken from pre- payment account of the Bank and credited to those companies. He said while investigations commenced, the Bank management asked him to conduct investigations as to the movement of cheques issued to those companies and it was discovered that the three cheques have been deposited in those companies’ accounts at Access Bank.
Further investigations revealed that the companies were linked to Akingbola and his wife, Antonia. Jimoh said the instruction to effect payment was given by Akigbola through verbal instruction. A certain Mr Fabunmi then raised a memo to effect it.
Another 8.6 billion naira was also taken from the bank through the same General Ledger manipulation. Dr. Akingbola had written a letter instructing that the said sum should be credited to the accounts of Tropics Properties Ltd., Bankinson Nig. Ltd and Tropics Finance Ltd around May and June, 2009.Through the same manipulation the sum of 3.35 billion naira was also moved via an instruction given by Tropics Finance Ltd. to Bankinson Nigeria Ltd., a company where his wife, Mrs. Antonia Akingbola has interest.
Also on the 15 May, 2009, the sum of N350 million was paid into the account of Intercontinental Homes, N500 million was paid to the account of Intercontinental Securities and another N250 million was paid into the account of Intercontinental Capital Market, all subsidiaries of the Bank. The said payment was effected based on a letter dated 18 May 2009, received from Bayo Dada of Tropics Finance. The witness said this particular transaction was manipulated as the date of transfer on the statement varied from the day the instruction was received.
The sum of N1.550 billion was also moved fraudulently on the 22 May, 2009 in the same manner. An instruction from Akigbola was passed to the bank for the said money to be moved into the accounts of Tropics Finance Limited and Associated Discount House. The sum of 1.5 billion was moved to Tropics account to be fixed for one month while 50 million naira was paid to Associated Discount House to pay off debt owned by Tropics Finance Ltd. By this, Dr. Akingbola and his associate Bayo Dada are standing trial on a 22 count charge bordering on stealing of over N42.4 billion from the defunct Intercontinental Bank Plc.
Yet to be absolved of these heinous crimes, the banker is desperately using different methods to frustrate his trial and escape spending years in jail. But a top government official disclosed to us that Akingbola, no matter how long, will be punished under the law for his economic atrocities in the country and that president Jonathan has said the law must take its course despite the pressure being mounted on the presidency by the disgraced banker to get Intercontinental bank back.
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Building contractor operating under the trade name, Pro-Dev Mr Femi Omoniyi has gone underground.
Sources attribute this development to threats from dreaded militant group, Boko Haram.
Informants disclosed Mr Omoniyi was engaged for some construction at University of Maiduguri Teaching Hospital ( UMTH), Borno state.
He had resumed at site and began execution of the project he was contracted for when his problem started.
Insiders claim he was warned by some unknown individuals to stop work and leave, but provided with more security- he didn't take the warning seriously.
'Then they disrupted his work, destroyed his equipments and left another message that for disobeying warnings to stop work, he has become a marked man and they will hunt him down and make him suffer' a source claim.
He was said have gone in search of materials to complement those on site at the time of the attack.
Co workers at the place credited the attack and message to the feared insurgent group Boko Haram.
A jittery Omoniyi is said to have gone underground since then.
Unconfirmed sources claim he fled to neighbouring country, Chad.
In preparation towards the 2015 general elections, which he pointedly described as a ‘do or die’ affair, a member of the lower chamber of parliament, Otunba Abayomi Michael Ogunnusi is alleged to have set up a 28-man hit squad, to ward off attacks from his opponents and equally punch out the hard lined oppositions, who poses threat on his quest to return as the representative of the people of Ifako-Ijaye Federal Constituency
On Sunday, January 5, 2014, Hon Abayomi Ogunnusi was at Excellence Hotels, Ogba in Lagos, where he personally interviewed 70 shortlisted candidates, who had gathered to be part of the alleged snipping team known as ILABE HIT SQUAD. And, he was ably assisted in picking the 28-member team by the duo of the Vice Chairman of Ifako- Ijaye local government, Hon Babatunde Ishola, who is widely known as B.I.Q and another ruthless fellow simply identified as Land cruiser. Insiders claimed the hit squad members were picked across the wards in the federal constituency [from Ifako-Ijaye local government and Ojokoro Local Council Development Area]
Otunba Yomi Ogunnusi, who is popularly known as Ilabe by his friends and associates, we gathered, has vowed to make the squad an elite counter offensive super crew. Also, the 48 year old chartered accountant turned politician is said to have budgeted the sum of N100, 000 monthly salaries for each member of the squad. On the day they were recruited, the University of Lagos trained accountant, who is presently a member of the House of Representatives standing committees on finance, human rights, justice and urban development, gladly dashed out the sum of 28, 000 naira each to the 70 shortlisted candidates that was interviewed.
Born on October 10, 1965, the garrulous politician, who was recently disowned and pelted with ‘pure water’ sachet by the same people he claimed to represent, decided to set up the hit squad on the premise that he will not stand to be disgrace again by any person or group of persons, as he moves in his mission to retain the representatives seat at all cost. Ilabe hit squad, we further learnt, is to be corporately kitted and also equipped with necessary modern tools to work with.
Apart from his total quest for the representatives’ seat, Hon Abayomi Ogunnusi, who is known to reside outside his constituency, is equally said to have pitched the chairman of Ifako-Ijaye local government, Apostle Oloruntoba Oke and his lieutenant, Hon Babatunde Ishola[B.I.Q], who is the Vice Chairman, in battle. The lawmaker, who claimed to have legislative interest in public accounts, is alleged to have mandated his ‘boy’ BIQ, to challenge Hon Oloruntoba Oke for the chairmanship seat. And, this move is said to have created enmity between the chairman and the vice chairman.
Political insiders however revealed to this journal that no matter what the leadership of the All Progressive Congress [APC] does in picking the party’s flag bearer, one thing that is already concluded between the APC faithful and the electorates is that Otunba Ogunnusi is certainly not the best representative of the people of Ifako-Ijaye federal constituency. In a release made available to us by the group known as League of Ifako Ijaye Professionals [LIIPS], the group averred that Hon Abayomi Ogunnusi is the worst candidate to have represented the people in this representative democracy. ‘’ Since 1999, we have never had it so bad. Even, when Hon Femi Onimole abandoned the vehicle that took him to the green chamber, it wasn’t this bad. Our people certainly deserve the best, and the best we shall get’’ the statement said.
