The Economic and Financial Crimes Commission (EFCC) has arraigned a former chairman of Wema Bank Plc, Olapade Mohammed and two others before a Federal High Court sitting in Lagos for allegedly stealing about N2billion belonging to AKS Steel Nigeria Limited.
Olapade, who was also the chairman of AKS Steel, was arraigned alongside the former managing director of the company, Tony Obinwa and a director, Sanni Aliyu Mohammed by the EFCC on a 32-count charge of conspiracy, fraud, forgery and money laundering.
The three accused persons were alleged to have fraudulently conspired with others still at large to launder about N2billion belonging to AKS Steel through some Nigerian banks to Dubai in United Arab Emirates (UAE) and from there to India.
According to the commission, the funds were allegedly transferred by the accused persons without a resolution of the board of the company, using another company identified as “3 Brothers Concept Nigeria Limited”.
The banks through which the money was allegedly laundered are: Diamond Bank, United Bank for Africa (UBA), Spring Bank (now Enterprise Bank), Ecobank, Unity Bank, Intercontinental Bank (now Access Bank) and Equitorial Trust Bank (now Sterling Bank).
The accused persons were also accused by the anti-graft agency of forging various documents and submitting same at the Corporate Affairs Commission (CAC) with the aim of further committing monumental fraud.
They were accused of forging a board resolution of the company dated October 31, 2005 and filing same at the CAC on January 17, 2006, whereby they purportedly unilaterally increased 3, 250, 000 shares of AKS Alloy PVT Limited, and reduced the status of Shining Star from a majority shareholder in the joint venture company of AKS Steel Nigeria Limited, whereas there was no Board meeting where such decision was made.
In one of the 32-count charges, the accused persons were said to have fraudulently stolen and converted to their use, a total of N1.2billion belonging to the company, while Olapade was also said to have fraudulently converted another $500, 000 to his use.