15th December, 2010
A former vice chairman of Isolo-Oshodi Local Government Area and managing director of Nnestor Tel Nigeria Limited, Rasak Sanusi, has been arraigned before an Ikeja Magistrateâ€™s Court over allegation of N.757 billion fraud.
Sanusi was alleged to have at various times between January and June 2010, fraudulently diverted money totalling N7,57,829,130.52 belonging to Nnestor Tel Nigeria into his personal account.
The two-count charge also alleged that the defendant opened several accounts on behalf of the company without the knowledge of the directors and personally utilised the money in the said accounts.
The charge further alleged that Mr. Rasak Sanusi forged the signature of the chairman of Nnestor Tel Nigeria Limited in his bid to convince Zenith Bank officials that the company had, during a meeting authorised the alleged fictitious account and made him sole signatory to the said account.
Part of the charge read: â€œThat you Rasak Sanusi, between January 5 and July 2010 at Intercontinental Bank Plc, Danmole Street, Victoria Island, Lagos in the Lagos Magisterial District, being shareholder and managing director of Nnestor Tel Nigeria Limited, did steal the sum of N427,376,730.66 property of Nnestor Tel Limited by diverting the said money into Intercontinental Bank account set up by you and converted same into your own use and thereby committed an offence contrary to Section 388 of Criminal Code and punishable under Section 390(9) of the Criminal Code, Cap. 17, Vol. II laws of Lagos State of Nigeria, 2003.
â€œThat you Rasak Sanusi, on January 4, 2010, in the aforesaid magisterial district, did make a false letter, knowing it to be false, presented it to the manager Zenith Bank Plc, Owode Branch, Ogun State, indicating that a meeting of the board of directors of Nnestor Tel Nigeria Limited held in December 2009, a board resolution was reached to open a corporate account with the bank and that you shall be sole signatory to the account and committed an offence contrary to Section 465 of the Criminal Code and punishable under Section 467 of the Criminal Code, Cap 17, Vol. II, laws of Lagos State of Nigeria, 2003.
Rasak, however, pleaded not guilty to all the allegations and was subsequently granted bail in the sum of N50 million with two sureties who must have landed properties in Lagos, while the matter was adjourned till 21 January, 2011 for hearing.