The Economic and Financial Crimes Commission, EFCC Kaduna Zonal Office has arraigned one Olarewaju Yusuf on a five-count charge bodering on issuance of dud cheque, criminal breach of trust and cheating to the tune of N36 million. Yusuf who is the CEO of VICLIBO VENTURES was arraigned before Justice Bello Duwale of the Sokoto State High court sitting in Sokoto, Yusuf's journey to the dock began when a case of issuance of dud cheque was reported to the EFCC by Tunde Akinola against him.
The complainant alleged that sometimes in January 2018, Yusuf, a staff of Sterling Bank Plc, Sokoto branch approached him and requested a loan of N30 million to be used for the establishment of a biscuit and juice production factory and was willing to pay back with a 10 per cent interest.
The complainant stated that he rallied round friends and colleagues to get the money and transferred the said sum to the suspect via his United Bank for Africa, UBA account on the condition that the money will be paid back by March 2018.
Pursuant to the agreement, Yusuf issued him three post dated Diamond Bank cheques of N10 million each, and another one of N6 million. All, however, were returned unpaid upon presentation and all efforts to recover the money proved abortive.
He pleaded "not guilty" to the charges.
Counsel for EFCC, S.H. Sa'ad, urged the court to fix a date for commencement of trial and the defendant be remanded in prison.
Defence counsel, Ferdinard Okotete, asked the court to grant his client bail.
Justice Bello, however, ordered that the defendant should be remanded in prison and fixed April 25, 2019 for hearing of bail application.
The trial judge, further granted an interim forfeiture order in respect of the defendant's property, pursuant to a motion ex parte filed by the EFCC.
Media & Publicity
April 16, 2019