Bank Fraud: Billionaire Oil Marketer Denied Bail, Detained at Kirikiri Maximum Prison

An oil Marketer, Mr. Seun Ogunbambo has been remanded at the Kirikiri Maximum Prison pending his trial for a bank fraud involving over N1.2bn.

Mr. Seun Ogunbambo was denied bail by the presiding Judge, Justice Olabisi Akinlade of a Lagos High Court in Ikeja since the accused had the tendencies of evading trial. Mr. Seun Ogunbambo was alleged of multiple identities.

Akinlade, in rejecting Ogunbambo’s bail application, said the prosecution, the Economic and Financial Crimes Commission, presented serious evidence to warrant the denial.

She said, “I’ve gone through the evidence against the defendant, it is quite weighty and serious.

“Also, the claims that the defendant was using different names to procure international passports at different times were not challenged or contradicted.”

The judge however, granted a quick hearing fixed on the 24^th of January 2013 for trial.

Ogunbambo along with his company, Adeline Investment Ltd was arraigned by EFCC November 19 on a 14 counts of fraud perpetrated between February and September 2009.

Ogunbambo allegedly connived with Olamide Ogunbambo and David Ayodele and deceptively obtained credit facility worth over N1.2bn from Stanbic IBTC Bank Plc.

The accused was said to have been granted a loan of N610m, N230m, N200m, and N180m, in tranches using forged documents.

EFCC alleged that Ogunbambo said he was earning a monthly salary of N5.5m with an additional N5m monthly housing allowance.

He then forged bank statements issued by Bank PHB and Guaranty Trust Bank and presented them to Stanbic IBTC Bank as genuine.

On Monday, Ogunbambo was prosecuted alongside Mamman, son of former Chairman of the Peoples Democratic Party, Ahmadu Ali, and Christian Taylor, for an improved charge of 13 counts of subsidy fraud amounting to about N4.46bn.

Related Posts

• 

  Over 1,000 firms bid for 2017 railway projects
  Over 1,000 firms bid for 2017 railway projects
• 

  NAICOM moves to enforce compulsory insurance of public buildings
  NAICOM moves to enforce compulsory insurance of public buildings
• 

  Reps ask NPA to reverse termination of agreement with Intels
  Reps ask NPA to reverse termination of agreement with Intels
• 

  SEC suspends Oando shares from stock market
  SEC suspends Oando shares from stock market

2 Comments

1. 

   Nick

   November 28, 2012 at 10:39 am

   Face of a criminal here
2. 

   pricewill

   November 28, 2012 at 1:36 pm

   Is it thoroughly this man that is defrauding Nigeria from subsidy,is not only this man,there are some top political officer holders that are involve,they needed to be prosecuted also.