Managing Director remanded in prison over alleged stealing

The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Office, yesterday, arraigned and later remanded in prison the managing Director of Mega Bolex Quarry Limited, Iyabo Ruth Okoh, for stealing and obtaining money under false pretense.

Okoh and her company, Mega Bolex Quarry Ltd were arraigned before Hon. Justice A. N. Akintola of the Oyo State High Court, sitting in Ibadan, on a 2-count charge bordering on stealing and obtaining money under false pretense.

The journey to the dock for Okoh followed a petition to the Commission alleging that sometimes in March, 2016, she invited the petitioner (name withheld) to invest in her company, Mega Bolex Quarry Ltd as a shareholder and thereafter be issued a share certificate.

According to the petition, after paying the sum of N43,500,000.00 only  to the defendant through her company’s account, she refused to neither issue the share certificate nor grant her access to the company’s affairs as earlier agreed. Okoh also allegedly refused to refund the money already paid. The defendants however, pleaded not guilty to the charges preferred against them.

In view of the plea of the defendant, the EFCC’s counsel, Dr. Ben Ubi prayed the court for a trial and for the remand of the first defendant in prison custody.

Counsel to the defendants, Adeyinka Adeyemi, informed the court that he has an application seeking the first defendant bail.

He thereafter prayed the court to remand the defendant in the EFCC’s custody. Ubi, however, opposed the defense prayer on the grounds that the proper place of custody after arraignment is the prison.

Justice Akintola advised the defendant to at least make some refund of the money involved. He adjourned the case to July 2, 2018 for hearing of the bail application.

The defendant, however, was remanded at the Federal Prison, Agodi, pending the hearing and determination of her bail application.

Count one reads: That you, Iyabo Ruth Okoh and Mega Bolex Quarry Ltd between August 15, 2016 and March 13, 2017, at Ibadan within the Ibadan judicial Division of this honourable Court, with intent to defraud obtained the sum of N34, 574,000.00 only from one Adekunbi Sherifa Adeyemi by falsely pretending that it is the cost of shares purportedly sold to her from your company, Mega Bolex Quarry Ltd which representations you knew to be false and thereby committed an offence.”