By Onyewuchi Ojinnaka
Justice Okon Abang of a Federal High Court sitting in Lagos, Nigeria on Thursday, convicted and sentenced the Managing Director of AG Moeller Nigeria Ltd, Olukemi Adeloye, to 15 years imprisonment, for running a financial institution, without licence from the Central Bank of Nigera (CBN). The company (second defendant) was also convicted.
The convict and his company (AG Moeller) were arraigned on a five-count charge bordering on conspiracy, felony, fraud, and operating a financial business without licence.
They were charged on March 5, 2011, following a peititon.
The convict had pleaded not guilty.
On Thursday, Justice Abang who had been transfered out of the Lagos division of the court, delivered his judgment after he had succesfully concluded trial in the case.
In the charge, the prosecution accused the convicts of obtaining the sum of N80 million from Chairman of Cross Country Ltd, Mr Bube Okorodudu, in excess of the sum of N140 million.
The sum was said to have been in excess of the sum advanced to him, through the medium of a contract of finance lease facility, which was induced by false pretence.
After the closed of prosecution’s case, the convicts initially filed a no-case submission, but after it was overruled, they opened their defence
Trial had since been concluded, while the court adjourned for judgment.
Delivering his judgment which lasted almost five hours on Thursday, the court upheld the arguments and issues raised by prosecution, and held that the prosecution was able to prove its case beyound reasonable doubt.
The court found the convicts guilty of all counts of the charges preferred against them
Abang consequently, sentenced the convict to one year imprisonment on count one, three years imprisonment on count two , seven years on count four and five years imprisonment on count five.
The court held that the jail terms would run concurrently, from the date of judgment.
This means, that the convict is to serve seven years in prison.
Meanwhile, on count three, the court ordered the company, (AG Moeller Nigeria Ltd), to pay a fine of one million naira to the Federal Government.
The court also ordered the company to refund the sum of N80 mIllion to Cross Country Ltd.
According to the charge, the convict was said to have obtained the monies with intent to defraud.
The offence contragenes the provisions of Sections 1 (a-c), 1(2) and 1(3) of the Advanced Fee Fraud and other Fraud Related Offences Act, 2006.
