24th February, 2014
Nigeria’s Economic and Financial Crimes Commission , EFCC, on Monday , arraigned one Paul Onwughalu before Justice S.S. Ogunsanya of the Lagos High Court, Ikeja on one count charge bordering on failure to conduct due diligence in financial transactions.
Onwughalu, a former employee of Union bank, allegedly failed to conduct due diligence in a mega scam that rocked the bank on 10 January, 2013 when some fraudsters hacked into its data base and pulled out hundreds of millions of naira.
The accused allegedly failed to conduct due diligence on Dan Kawu Bureau De Change’s account domiciled in Union Bank head office in Marina Lagos, before confirming and authorising the payment of N450 Million to the company.
When the charge was read, the defendant pleaded not guilty.
Based on the plea of the accused, the prosecution counsel, Fadeke Giwa prayed the court to fix a date for trial and to remand the defendant in prison custody pending trial.
But the defence counsel, O. Fagbemi informed the court that he had already filed an application for bail.
Justice Ogunsanya adjourned the case to February 28, 2014 for hearing on the bail application and ordered that the defendant be remanded in Kirikiri maximum prison.