EFCC Arraigns Oluwaseun Ogunbambo, Three Others Over N610m Scam

The Economic and Financial Crimes Commission, EFCC, on Monday, November 19, 2012 arraigned Oluwaseun Ogunbambo, his company Adeline Investment Limited and two others before Justice Adebisi Akinlade of the Lagos High Court, Ikeja, on a 14 count charge bordering on conspiracy to obtain, obtaining by false pretences, forgery and uttering of documents to facilitate credit to the sum tune of N610, 000,000.00 (Six Hundred and Ten Million Naira Only). Two other individuals involved in the conspiracy: Olamide Ogunbambo and David Ayodele Isaac are, however, at large.

One of the charges read: "Oluwaseun Ogunbambo, Adeline Investment Limited, Olamide Ogunbambo (at large) and David Ayodele Isaac (at large) on or about the 14th day of February 2009 at Ikeja within the Ikeja Judicial Division with intent to defraud, conspired to obtain credit facilities in the sum N610,000.000.00 (Six Hundred and Ten Million Naira Only) from Stanbic IBTC Bank Plc by falsely representing to officers of the bank that you earn a monthly salary of N5,000,000.00 and a monthly housing allowance of N5,000,000.00 as the Managing Director of Fargo Petroleum Limited which amounts were paid into your account NO 202142-3/5/9110 with Guarantee Trust Bank Plc which representation you knew to be false".
Specifically, the first accused person and accomplices allegedly used forged documents and false information to fraudulently obtain the sum of N610, 000,000.00 (Six Hundred and Ten Million Naira Only) from Stanbic IBTC Bank Plc.
When the charges were read to the accused person, he pleaded not guilty .
Counsel to the first accused person, Adebayo Adenipekun (SAN) apologized for the non-appearance of his client in court in the last couple of sittings which warranted a bench warrant to be issued on him. He told the court that Oluwaseun Ogunbambo's serial absence for arraignment was due to error of judgment. "I hold myself responsible for this act. Therefore, I wish to withdraw previous applications filed and will urge your lordship to tamper justice with mercy", he pleaded.
Counsel to the EFCC, Francis Usani did not contest the withdrawal of all previous applications but prayed the court to remand the accused person in prison custody. Justice Akinlade therefore struck out all previous applications and advised counsel to the accused person to file a new bail application. Adenipekun, thereafter asked for a short adjourned date for the bail application to be considered. Justice Akinlade adjourned the case to November 27, 2012 for hearing of the bail application and January 21, 2013 for commencement of trial.
She ordered that the accused person be remanded in Kirikiri maximum prison.



Wilson Uwujaren
Ag. Head, Media & Publicity
19TH November, 2012