‘N26.6bn fraud’: EFCC docks ex-Bank PHB director | Dailytrust

‘N26.6bn fraud’: EFCC docks ex-Bank PHB director

The Economic and Financial Crimes Commission (EFCC) on Friday docked a former director of Bank PHB (now Keystone), Funmi Adenmosun, before a Federal High Court sitting in Lagos over an alleged N26.6 billion money laundering fraud.

 Adenmosun was docked alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited before Justice Daniel Osiagor.

The defendants are facing a 10-count criminal charge of conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

 Adenmosun pleaded not guilty to all the charges.

 The EFCC prosecutor, Rotimi Oyedepo, therefore, requested for a trial date and urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS) till the determination of the charge.

 However, Adenmosun’s lawyer, Wale Adesokan, a Senior Advocate of Nigeria (SAN), informed the court that a bail application dated January 13, 2022 had been filed and served on the prosecution. 

 He urged the court to hand over Adenmosun to him, assuring the court that he would always attend to his case.

 But Justice Osiagor refused the request and granted the accused bail in the sum of N250million with two sureties.

 The court directed that one of the sureties must be a grade level 15 officer in either a federal or state ministry, while the other surety must be a blood relative of the defendant and a property owner within the jurisdiction. 

 The court further directed that he should be remanded in the EFCC custody pending the perfection of his bail application.

 The matter has been adjourned to February 25 and March 4, 2022 for hearing.

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