N5bn fraud: Court adjourns former Chevron accountant's trial

A Lagos State High Court in Ikeja has further adjourned till February 17, 2015 the case of a former accountant with Chevron Nigeria Limited, Mr. Michael Adenuga, who is standing trial for N5bn fraud.

The Economic and Financial Crimes Commission alleged that Adenuga fraudulently converted a parcel of land measuring about 22.68 hectares, located in the Lekki area of Lagos.

The land was said to be worth about N5bn.
According to the anti-graft commission, the said land, situated at Ayetoro Ikota, in the Lekki area of Lagos, was jointly owned by Covenant Sugarland Property Development Limited, Messrs Sunday and Joseph Oyeniran.

The commission alleged that Adenuga violated sections 278 (1) and 285 (b) of the Criminal Law of Lagos State of Nigeria, 2011.

Adenuga is standing trial before Justice Sedotan Ogunsanya on three counts bordering on stealing, forgery and use of false documents.

He was charged alongside his company, Covenant Apartment Complex Limited. At the resumed trial on Monday, a prosecution witness, Mr. S.K.Oyeniran, was cross-examined by the defence counsel, Dr. Muiz Banire.

Oyeniran, who said he was into real estate business, told the court that he and other investors under his group had signed a Memorandum of Understanding with Adenuga's group to jointly buy the said land.

According to Oyeniran, it was agreed that each group would raise half of the cost.

Oyeniran stated that while his own group raised a total of N530m, Adenuga's group was able to raise only N250m.

He said he was surprised to learn later that Adenuga had converted the property into his own personal property by replacing the existing title of the property with his own particulars.