EFCC Docks 3 Over N405M Share Scam
ABUJA, August 12, (THEWILL) - The Economic and Financial Crimes Commission, EFCC, has preferred a 22-count charge against the duo of Mr. Adeniyi Elumaro, Mrs. Rakiya Mamman and their Abuja-based Integrated Capital Services Limited, ICSL, for defrauding unsuspecting Nigerians to the tune of N405 million.
The suspects who were arraigned before a vacation judge, Justice Olukayode Adeniyi of the FCT High Court, Abuja, however pleaded not guilty to the charges. After taking their plea, counsel to the first and second accused persons, F.N. Esangeo and S.I. Ugbe respectively canvassed for their bail, a move the prosecution counsel, Steve Odiase opposed.
Odiase said the offences for which the accused were arraigned carry jail terms ranging from seven to 20 years adding that in view of the gravity of the offences and punishments, the accused are likely to jump bail if granted. The judge in his ruling on the bail application however granted the defence prayer and gave them bail in the sum of N50 million each and one surety who must have a landed property within Abuja Municipal Area Council, AMAC.
The surety must also swear to an affidavit that in case the accused persons jump bail, he\ she would take the position of the accused. The accused persons are however to be remanded in prison custody pending their fulfillment of the bail conditions.
The duo of Elumaro and Mamman were alleged to have hoodwinked their victims to invest huge sums of money in major companies like MTN, Starcoms, Equatorial Trust Bank, Access Bank and City Link between January 2006 and December 2008 under false pretences. As at the time of their arrest, no fewer than 16 prominent Nigerians had lost over N405 million to their phoney scheme.
Some of their victims include some principal officers of the House of Representatives, Ministers and business executives.
According to the charge sheet, the offences allegedly committed by the accused contravene Section 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences
Act 2006 and punishable under Section 1 (3) of the same Act.
One of the charges reads "That you, Adeniyi Elumaro ‘’M’’ being the Managing Director of Integrated Capital Services Limited; Rakiya Mamman, "F" being the Executive Director of Integrated Capital Services Limited and Integrated Capital Services Limited on or about January 2006 to December 2008 in Abuja in the Abuja Judicial Division of the High Court of the Federal Capital Territory did with intent to defraud and obtained the sum of N161, 000,000 (One hundred and sixty one million naira only) from one Hon. Usman Bayero Nafada by falsely representing to him that the said money was meant for the purpose of investing same into stocks and private placement such as ETB, Access Bank, MTN, Starcoms and City Link shares which you knew is false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same act."
The case would however be returned to the Chief Judge of the FCT High Court to be re-assigned to another judge who will communicate the next adjourned date to all counsels for continuation of trial.