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EFCC Arraigns Four Over Illegal Banking

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SAN FRANCISCO, January 30, (THEWILL) - The Economic and Financial Crimes Commission Wednesday, arraigned the quartet of Edet Esim, Idowu Abiodun Olufela, Al- Qassim Counsel Baiye and their company, Trim Multipurpose Cooperative Society before Justice A. R. Mohammed of the Federal High Court, Abuja for allegedly operating banking business without a valid banking license issued by the Central Bank of Nigeria.

The suspects pleaded not guilty to the two count charge when it was read to them.

One of the charge reads: “that you Mr Edet Esim being the Chief Executive Officer of Trim Multipurpose Cooperative Society, Idowu Abiodun Olufela being the Head of Operations of Tim Multipurpose Cooperative Society, Al-Quassim Counsel Baiye being the Managing Director of Trim Multipurpose Cooperative Society on or about the 2nd day of February 2001 to July 2010 in Abuja within the Jurisdiction of this Court with the intent to defraud carried on a banking business without a valid banking license by the Central Bank of Nigeria and thereby committed an offence contrary to section 2(1) of the Banks and Other Financial Institutions Act, Cap B3 LFN 2004 and punishable under Section 2(2) of the same Act”.

EFCC counsel, Best Owie then asked the court to fix a date for trial in view of the plea of the accused persons. But defence counsel, Anthony O. Agbonlahor informed the court that the charge was served on the accused persons yesterday and that he intends to make a formal application for bail for the accused persons.

Justice A. R. Mohammed adjourned the matter to 27th February, 2013 for trial and ordered that the accused persons be remanded in Kuje Prison.