The Economic and Financial Crimes Commission (EFCC) on Tuesday inundated a Lagos High Court in Igbosere with details of how former Managing Director of the defunct Afribank Plc, Sebastian Adigwe allegedly covered up some shady transactions leading to monumental theft of the bank’s funds.
An EFCC witness, Emmanuel Al-Hassan specifically gave the court details of how Adigwe and other directors of the bank covered up over N15 billion allegedly stolen from the bank.
Adigwe was arraigned alongside Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia, Henry Arogundade and Peter Ololo before Justice Olabisi Akinlade on a 36-count charge bordering on conspiracy, stealing and receiving stolen property.
At the resumed hearing of the matter, Al-Hassan, who led a team of investigating Police Officers, (IPO) that unravelled the alleged fraud ,however, told Justice Olabisi Akinlade that the money could not be traced to any of the defendants.
Al-Hassan, while under cross-examination by counsel to the first defendant Chief Anthony Idigbe, SAN said: ‘’I am not a banker or a stock broker, but during the course of investigation we discovered that Adigwe and other directors transferred N15 billion in favour of Rehoboth Asset Limited.
‘’During investigation, the team discovered a document showing that the money was borrowed to buy shares from another party other than the floor of the Nigerian stock Exchange. Money was availed to ACL but the same money was transferred to Spring Capital’’.
Besides, Al-Hassan told the court that during the course of investigation, ‘’we recovered so many documents. There were other documents obtained after the exit of the defendants from the bank that explained what transpired that led to N11.5 billion being transferred to Spring Capital limited’’.
He stated that when the alleged stealing was committed, documents were contrived to cover-up the stealing, adding that some of the exhibits before the court are parts of the documentation to cover up the alleged fraud.
Al-Hassan said during interview with MD of ACL, she told the investigating team that she was instructed by the first defendant (Adigwe) to transfer the money.
He insisted that Afribank granted N15 billion loan to AIL Securities Limited without a formal letter requesting for the facility.