28th January, 2011
A Lagos businessman, Frank Amah and his company Chyfrank Plc have been arraigned before a Federal High Court in Lagos for allegedly obtaining money under false pretext.
In a four-court criminal charge filed before the court and read to the accused person, it was alleged that Frank Amah and his company Chyfrank Nigeria Limited on or before the 10March, 2005 converted the sum of N94,800 from the amount of N102,400,000 fraudulently obtained from one Mr. Donatus Duru to purchase House, 2, Thompson Avenue, Ikoyi, Lagos.
The accused and his company same time and place were further alleged to have converted the sum of N1,020,000 from the sum of N102,400,000 fraudulently obtained from Donatus Duru to purchase 300,000 units of IBTC Chartered Bank Plc shares in the name of Chukwu Amah and another 300,000 units of IBTC shares in the name of Stanley C Amah.
The prosecutor further alleged that the accused also purchased 300,000 units of the IBTC Chartered Bank in the name of Ugonna Stanley Amah.
The shares were alleged to be the proceeds of crime with the aim of concealing same.
All the offences allegedly committed are contrary to and punishable under section 14Â (1) of the money laundering Act.
The accused pleaded not guilty, consequently, his counsel Mr. James Ezike urged the court to admit the accused to bail in self recognition. He further said he will stand as surety for the accused, assuring the court that as a lawyer of 26 years standing at the bar he cannot rubbish his integrity.
In his ruling, the presiding judge, Justice Okon Abana, said the accused should deposit his international passport with the registrar of the court, the defence counsel should make an undertaking to always produce the accused whenever the matter comes up or he will pay N10 million if his client jumb bail
The accused was admitted to bail in the sum of N10 million. However, the judge ruled that the undertaken must be approved before the accused person can be released.
The matter was adjourned till February 17, 2011 for the court to hear the application of the accused challenging the jurisdiction of the court to adjudicate in the matter.
Meanwhile, before the present arraignment of Frank Amah and his company, Barrister Gerald Martisn Okpaleke, who is the counsel to the complainants had petitioned the Attorney General of the Federation and the National Assembly over the way and manner the Economic and Financial Crime Commission (EFFC) was handling the matter.
The petitions were accompanied with an affidavit sworn to at a Lagos High Court by Mr. Duru.
There is controversy currently going on over this case as the bone of contention of the case, a property at 2, Thompson Aveue, Ikoyi worth about N1 billion ordered to be temporarily forfeited pending the final determination of this case has been sold.
Therefore, the petitioner urged the Attorney General to use his good office to investigate the matter.