EFCC re-arraigns fund manager over N390m fraud

The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned a fund manager, Segun Bright, at an Ikeja High Court, charged with N390 million fraud.

Bright, 36, is facing a 21-count charge, bothering on stealing before Justice Olutoyin Ipaye.

The News Agency of Nigeria (NAN) reports that the accused was previously arraigned before Justice Habeeb Abiru on July 18, 2012.

He had pleaded not guilty to the charge and the judge granted him bail in the sum of three million naira with two sureties in like sum.

The re-arraignment was necessitated by the elevation of Abiru to the Court of Appeal, and the matter was subsequently, transferred to Ipaye.

The EFCC Counsel, Mr Abba Mohammed, said that Bright collected N390 million from 40 people between January and December, 2010 at Abule Egba, a Lagos suburb.

Mohammed said that the accused, through his company, Wexford Global Resources Ltd., had committed the offences by floating an investment company.

He said that Bright collected various sums, ranging from N10,000 to N615,000 from different people with the promise to re-invest the funds for high returns.

The prosecutor named those swindled as Mr Toyin Peter, Mr Afolabi Oluwaseun, Mr Amos Ogunsanwo, the Rev. Olusoji Adegboyega and Mrs Victoria Salako.

He said that the offences committed by Bright contravened Sections 383 (1), and (9) of the Criminal Code, Laws of Lagos State, 2003.

NAN reports that the offence of stealing attracts a minimum of seven years imprisonment, if an accused is convicted.

Bright, again, pleaded not guilty to the charge.

The judge permitted him to enjoy the bail terms granted him by Abiru and adjourned the matter till Jan.15, 2014 for trial. (NAN)