Court slams N50m bail on CEO over 217M fraud print

A Federal High Court sitting in Lagos on Friday slammed a N50 million bail on the Managing Director of Realtime Communications Ltd, Ebung Edet Umo over an alleged N217 million fraud.

The accused, Umo and Realtime Communications Limited, are standing trial on a two-count charge bordering on issuance of a dud cheque and fraud.

NAN reports that the duo had pleaded not guilty at their first arraignment on 20 August.

Justice Okon Abang, who gave the ruling, also ordered that the accused persons must also produce a surety each, in like sum.


He said the surety must be a property owner with a Certificate of Occupancy (C of O), within Lekki Phase 1, Victoria Island, Ikoyi or Lagos Island.

In addition, Abang said the Deputy Chief Registrar shall in writing verify the C of O of the sureties. He said that the surety should also present a three-year tax clearance.

The Judge also ordered that the accused should deposit his International Passport with the Chief Registrar and also swear to an affidavit of means.

Earlier, counsel to the accused, Mr Sylvester Effiong, prayed the court to grant bail to the accused in liberal terms.

He told the court that the accused was a legal practitioner by profession and had no previous criminal record.

Effiong supported the bail application with a six-paragraph affidavit and a written address.

The Prosecutor, Mr Effiong Asoquo, however, did not oppose the bail application.

Asoquo, alleged that the accused committed the offences between September and October, 2012. He said that Umo used his position as Managing Director of Realtime Communications, a firm principally engaged in telecom business support services, to fraudulently obtain N217 million recharge cards from Globacom.

Asuquo said that the accused obtained the recharge cards under the false pretence that he would pay at a later date.

The prosecutor said that the accused person, however, issued a dud cheque worth N300 million to Globacom, which was dishonoured upon presentation, due to insufficient funds.

He said that the alleged offences were contrary to and punishable under Sections 1 (1) (A) (3) of the Advanced Fee Fraud Act and Sections 1 (1) (b), (2) and 2 of the Dishonoured Cheques Offences Act, Cap D11, Laws of the Federation 2004.

NAN reports that the trial judge had on arraignment on 20 August adjourned the case to August 25, 26 and 28, for trial.

Culled from http://www.pmnewsnigeria.com