N87m Fraud: Lagos Water Board Managers Docked


The Group Managing Director of Lagos Water Board Corporation, Engineer Shayo Holloway and Director of Finance of the corporation, Dada Adefoluji, have been arraigned before the Ikeja Magistrates’ Court for allegedly stealing N87,940,380.

They were alleged to have stolen the money belonging to Nnestor Tel Nigeria Limited located at 3, Adegbeyemi Street, Ikeja, Lagos.

The police prosecutor, Barth Nwokedi alleged that the men conspired and stole the money by paying it into a fraudulent stel account number 6216201033 named Nnestor Tel Nigeria Limited at Zenith Bank on 4 February and 6 April, 2010, respectively.

In a three-count charge filed before the court, Barth Nwokedi also alleged that Engr Holloway and Adefoluji knowingly paid the said sum into a fraudulent Nnestor Tel. Nigeria Ltd account despite being served a board resolution of the real Nnestor Tel Nigeria Ltd company to pay the money into a GT Bank account No. 202276576110.

The charge reads: “ That you Engr. Shayo Holloway, the Group Managing Director, Lagos State Water Board Corporation situated at Ijora, Lagos and Dada Adefoluji, General Manager, Finance and Accounts, Lagos State Water Corporation, did become accessory after the fact to felonies by assisting Rasak Sanusi, a shareholder and the Managing Director of Nnestor Tel Nigeria Ltd, to conspire and steal the sum of N87, 940, 380.06k by paying the money into fruadulently set up Zenith Bank account named Nnestor Tel Nigeria Ltd after you were served a board resolution instructing that the money be paid into a GTB account No. 202276576110.”

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The alleged offences committed by the managers are punishable under sections 519, 390(9) and 516 of the criminal code cap 17, vol.11, Laws of Lagos State of Nigeria, 2003.

When the charges were read, the accused pleaded not quilty and were subsequently granted bail by Magistrate E. Ogunkanmi in the sum of N200,000 with one surety each.

The matter has been adjourned till 21 October, 2011 for trial.

—Henry Ojelu & Ayoyinka Babade

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