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2 MDs miffed as court denied them  bail over N120m land scam 

Court refuses MD bail over N120m land scam, says he is a flight risk

Two Managing Directors (MDs) – Samuel Okeke of Sam adores Ltd and Aqua Rock Real Estate, and Ifeanyi Ndigwe of Iccon Communications Ltd who were miffed as they were sent back to the prisons.T hey were denied bail by Justice Mojisola Dada of the Lagos High Court, Ikeja Lagos. They were standings trial over alleged N120 millions land scam alongside MD Forthright Properties Limited, Isaac Akintoye who was granted bail with conditions.

Forthright boss.

The judge while rejecting the bail applications,  described Okeke and Ndigwe as flight risks.

Okeke, Ndigwe, and the Managing Director (MD) of Forthright Properties Ltd, Isaac Akintoye, are standing trial alongside four firms before the court on a 16-count charge preferred against them by the Economic and Financial Crimes Commission ( EFCC ).

Ruling on the bail applications filed by the defendants,  the judge observed that the EFCC’s claimed that first defendant Okeke jumped administrative bail and that the third defendant Ndigwe has no verifiable address, were not controverted.

 “The first defendant’s bail was opposed by the prosecution on the ground that he jumped the administrative bail granted him at the EFCC office and evaded arrest until he was apprehended on May 10. The applicant’s counsel never replied to this weighty allegation in all the documents submitted before the court. I, therefore, hold that his application has  failed and bail is hereby refused”, Justice Dada held

In rejecting the third defendant’s application, Dada found that “…not having a source of income or a traceable address, there are indications that he may not be available for his trial.”

 However, Akintoye was granted bail in the sum of N500,000 with one surety in like sum.

Justice Dada adjourned till June 8 for trial.

On May 15, the defendants pleaded “not guilty” to a 16-count charge of stealing and fraud.

According to EFCC counsel Muhammed Bashir, the offenses were committed in Lagos between November 14, 2005, and August 2014.

The defendants allegedly received sums totaling N120m in tranches of N68,400,000, N1,800,000, N5,000,000, N6,000,000, N10,000,000, N8,500,000, among others.

Okeke and his two firms were indicted on counts 1 to 12, Akintoye and his firm were mentioned in count 12, while Ndigwe and his company appeared in counts 13 to 16.

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