Businessman Bags 2 Years Jail Term for N36m Loan Scam

A Federal High Court sitting in Kano, Kano State has sentenced one Ibrahim Saleh Nagero to two years imprisonment for offences bordering on financial malpractices.

The convict allegedly used a fake bank guarantee to obtain a N36m lease finance facility from First Bank Nigeria Plc.

The convict who was arraigned by the Economic and Financial Crimes Commission on Thursday alongside three staff of First Bank -Mukhtar Ali Tofa, Yusuf Tafida and Aminu A. Magashi – on a three count charge that borders on financial malpractices and obtaining by false pretence, pleaded guilty to one of the counts. He was consequently convicted by Justice Fatu Riman.

The charge reads, “that you Ibrahim Sale Nagero and Ibrahim Sale Nagero Transport Nigeria Limited sometime in February 2009 in Kano within the jurisdiction of the Federal High Court Kano while being customers of First Bank Plc wilfully filled Form 3240 (guaranty by an Individual) of First Bank of Nigeria Plc in the name of Alhaji Sale Ali Nagero knowing it to be false so as to avoid the repayment of the lease finance facility of the sum of N36, 000, 000 (Thirty Six Million Naira Only) and thereby committed an offence contrary to section 15(2)(a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004 and punishable under section 16(1)(c) of the same Act”.

The three other accused persons who allegedly granted the convict a credit facility in the sum of N36, 000, 000 (Thirty Six Million Naira ) without verifying the authenticity of the bank guarantee purportedly signed by his father, pleaded not guilty to count three, which is the only charge that affects them.

The count reads, “that you Mukhtar Ali Tofa, Yusuf Tafida and Aminu A. Magashi between January and February 2009 in Kano within the jurisdiction of the Federal High Court while being officers of First Bank of Nigeria Plc negligently processed a lease finance facility of the sum of N36, 000, 000 (Thirty Six Million Naira Only) in favour of Ibrahim Sale Nagero Transport Limited with a defective security and thereby committed an offence contrary to section 15(2)(a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004 and punishable under section 16(1)(a) of the same Act”.

Justice Riman admitted the three accused persons to bail in the sum of N5, 000, 000 (Five Million Naira) each and one surety in like sum. The surety should be a public servant of not less than level 12 or a senior bank official.

Further hearing in the matter was adjourned to March 6 and 7, 2014.

Author: NewsAdmin

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