Tuesday, January 22, 2013

N430m fraud: Oil marketer opt for out-of-court settlement

AN oil marketer, who is facing charge of bank fraud instituted against him by the Economic and Financial Crimes Commission(EFCC), Mr  Oluwaseun Ogunbambo, on Monday, informed a Lagos high court sitting in Ikeja, that he is ready to opt for out-of-court settlement.

His trial was scheduled to commence before Justice Olabisi Akinlade, but the trial got stalled due to this development.

Ogunbambo’s counsel, Mr. Adebayo Adenipekun (SAN), at the resumed hearing of the matter on Monday, applied for an adjournment  based on the fact that the defendant was already settling with the Stanbic IBTC Plc, by returning part of the alleged fraud money.

He added that his client recently paid N100 million, in addition to the N120 million he had allegedly paid to the bank out of about N430 million that he  was alleged to have fraudulently obtained from the bank in 2009.

The judge granted the request, but counselled the defence counsel to carry the EFCC along in its settlement talks with the bank as the case is “between him (the accused) and the Federal Republic of Nigeri.”

Justice Akinlade added that the only acceptable terms of settlement is a plea bargain, which cannot be executed without the prosecution.

“The only way out is for him to take to plea bargain. If any arrangement is being carried out, please carry the EFCC along.” he said.

The EFCC counsel, Mr Francis Usani, had earlier informed the court that his witness was in court on Monday, and they were  ready to proceed with the trial.

But on the issue of out of court settlement, he stated that, “I have limited discretion in this matter, the final decision lies with the management of the EFCC.

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