An Economic and Financial Crimes Commission (EFCC) witness, Emmanuel Al-Hassan, on Tuesday told a Lagos High Court that a lot of documents were contrived by the former Managing Director of the defunct Afribank Plc, Sebastian Adigwe, and other directors to cover up over N15 billion allegedly stolen from the bank.
Adigwe was arraigned alongside Osa Osunde, Isa Zailani, Chinedu Onyia and Henry Arogundade and Peter Ololo before Justice Olabisi Akinlade on a 36-count charge bordering on conspiracy, stealing and receiving stolen property.
At the resumed hearing of the matter, Al-Hassan, who led a team of Investigating Police Officers (IPO) that unravelled the alleged fraud however told Justice Olabisi Akinlade that the money could not be traced to any of the defendants.
Al-Hassan, while under cross-examination by counsel to the first defendant Chief Anthony Idigbe (SAN) said: “I am not a banker or a stock broker, but during the course of investigation, we discovered that Adigwe and other directors transferred N15 billion in favour of Rehoboth Asset Limited.’’
“During investigation, the team discovered a document showing that the money was borrowed to buy shares from another party other than the floor of the Nigerian Stock Exchange. The money was availed to ACL but the same money was transferred to Spring Capital.’’
Besides, Al-Hassan told the court that during the course of investigation, “we recovered so many documents. There other document obtained after the exits of the defendants from the bank that explained what transpired that led to N11.5 billion being transferred to Spring Capital Limited.’’
He stated that when the alleged stealing was committed, documents were contrived to cover-up the act, adding that some of the exhibits before the court are parts of the documentation to cover up the alleged fraud.
Al-Hassan said during the interview with the Managing Director of ACL, she told the investigating team that she was instructed by the first defendant (Adigwe) to transfer the money.
He insisted that Afribank granted N15 billion loan to AIL Securities Limited without a former letter requesting for the facility.
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 allegedly belonging to the defendants.
Besides, Al-Hassan alleged that another bank account was opened in Falcon Securities’ name with “zero naira” for the purposes of transferring the N15 billion credit facility.
He told that court that additional N15 billion was given to Falcon Securities as loan for the purchase of stocks of blue chip companies on the floor of the NSE.
The matter has been adjourned till January 26 and 28 for continuation of cross-examination.
Thisday
