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Daud Olatunji
A banker and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged N710 million proof of funds fraud involving the suspected diversion of funds placed under Post-No-Debit (PND) restrictions into eight designated bank accounts.
The defendants are facing a 12-count charge following an investigation by the Lagos Police Special Anti-Fraud Unit into allegations of conspiracy, fraudulent transactions and suspected laundering of proceeds of crime.
According to the police, the investigation uncovered suspicious financial movements allegedly facilitated by a senior relations officer, Emmanuel Obinyan Osenonome, in collaboration with Egharevba Emmanuel Osagioduwa.
Police alleged that the banker conspired with Osagioduwa to obtain the cooperation and personal identifying details of other individuals, which were later used to facilitate the opening of accounts suspected to have been involved in the alleged scheme.
The development was made known in a statement issued on Wednesday by the PSFU Public Relations Officer, DSP Ovie Kenneth Ewhubare.
The police said the investigation began after a petition was submitted to the Commissioner of Police over the alleged fraudulent disbursement of N710 million placed under PND restrictions into eight designated accounts.
A Post-No-Debit restriction is a banking measure that prevents withdrawals and certain debit transactions from an account.
Police said forensic analysis conducted by the unit’s public and corporate accounts fraud section traced significant movements of the suspected proceeds to accounts linked to individuals allegedly linked to the main suspect.
Those identified in the investigation included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, who was described as a brother of Osenonome, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.
The defendants named in the indictment are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
In addition to the alleged movement of funds across multiple accounts, investigators reportedly identified several assets suspected to have been acquired with the proceeds of the alleged fraud.
According to the police, the assets included a 2020 Lexus RX 350 worth N25 million, two Toyota Camry cars worth N8 million each and a plot of land in Magodo Phase I, Lagos, reportedly purchased for N40 million.
The investigation also allegedly uncovered the use of disputed or counterfeit proof of funds documents, compensation documents and PND-related documents to facilitate transactions.
The documents are suspected to have played a role in the alleged fraudulent disbursement of the restricted funds.
Police further said some of the suspected proceeds were used to settle personal financial obligations, fund gambling activities and invest $40 million in CIBEX trading.
Investigators also reportedly traced funds allegedly used to start and run a spa and beauty business, said to have been provided at a cost of about N60 million.
Police provided no further details in the statement about the individual amounts allegedly spent on gambling and personal obligations or the precise roles each defendant was accused of playing in the transactions.
The Police Commissioner in charge of the PSFU, CP Eloho Edwin Okpoziakpo, reiterated the unit’s commitment to conducting thorough and evidence-based investigations into alleged financial crimes, particularly complex transactions and alleged abuses of banking procedures.
Okpoziakpo said the unit will continue to advance financial crime investigations through legal procedures, ensuring that relevant evidence is properly obtained, documented and presented before a competent court.
The appearance hearing marks a legal step in the investigation, as the charges against the defendants remain subject to judicial decision.
The police statement did not provide details of the defendants’ defenses or indicate whether the court had set a date for the trial to begin.
The defendants are presumed innocent unless and until found guilty by a court of competent jurisdiction.
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