By Juliana Francis
Lagos (Precise Post) – Two top officials of PHB, now Keystone Bank, Anayo Nwosu and Olajide Oshodi, as well as Ashok Israni, an Indian businessman, have been sentenced to five years imprisonment each for N855million fraud.
The convicts, who were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Kudirat Jose of the Lagos State High Court, Igbosere, Lagos State, were sentenced yesterday.
Also convicted is NULEC Industries Limited, belonging to Israni and Keystone Bank Limited. The convicts alongside Sunny Obazee were re-arraigned on October 4th, 2016 on an amended 15-count charge bordering on conspiracy and obtaining by false pretence to the tune of N855million.
One of the counts reads “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, between 14th July and 31st July, 2008, in Lagos, within the jurisdiction of this Honourable Court, did fraudulently convert to your use, the sum of N285, 000, 000.00 being the property of Dozzy Oil and Gas Ltd, when you credited the account of NULEC with the said sum to defray its debt owed to Bank PHB Plc as against paying the sum into the Private Placement Account of NULEC, which sum was to be used as payment for the purchase of shares of NULEC Industries Limited under a Private Placement.”
Another count reads: “That you, Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited, sometime in 2008 within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of N855, 000, 000.00 from Dozzy Oil and Gas Ltd, on the false pretence that NULEC Industries Limited was in active profit making manufacturing and trading activities, thereby purporting same to be payment for the purchase of shares of the said NULEC Industries Limited under a Private Placement.”
The defendants, however, pleaded not guilty to the charge preferred against them by the EFCC, thereby leading to their full trial.
During the course of the trial, the prosecution counsel, Rotimi Jacobs, SAN, presented witnesses and tendered several documents that were admitted in evidence by the court.
Delivering her judgment, Justice Jose discharged and acquitted the fourth defendant, Obazee.
