Police Arraign Banker, Seven Others In Lagos Court Over Alleged N710m Diversion Of Blocked Funds

A banker and seven other suspects have been arraigned before the Federal High Court in Lagos over the alleged fraudulent release of N710 million from eight bank accounts placed under Post-No-Debit restrictions.

The defendants are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.

They were brought before the court by the Police Special Fraud Unit, Ikoyi, Lagos, on a 12-count charge.

The Commissioner of Police in charge of the unit, Eloho Edwin Okpoziakpo, said in a statement that the investigation began after a petition was submitted over the alleged fraudulent disbursement of the funds.

According to the police, Osenonome, a banker and Senior Relationship Officer, allegedly conspired with Egharevba Emmanuel to obtain the personal identification details of other individuals.

Those details were allegedly used to open accounts suspected to have been used to launder the proceeds of the crime.

A forensic analysis by the unit’s Corporate and Public Accounts Fraud Section traced significant movements of the suspected proceeds to accounts linked to people connected with the principal suspect.

The police identified those linked to the transactions as Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, described as Osenonome’s sibling, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.

Investigators also alleged that forged and disputed proof-of-funds, indemnity and Post-No-Debit documents were used to facilitate the scheme.

The police said assets suspected to have been acquired with the proceeds were traced, including a 2020 Lexus RX 350 valued at N25 million and two Toyota Camry vehicles valued at N8 million each.

A plot of land at Magodo Phase I, Lagos, reportedly purchased for N40 million, was also identified.

Part of the suspected proceeds was allegedly used to meet personal financial obligations, fund gambling activities and invest N40 million in CIBEX trading.

The funds were also allegedly used to establish and operate a spa and beauty business furnished with about N60 million.

Okpoziakpo reaffirmed the unit’s commitment to thorough, professional and evidence-based investigations, particularly into complex financial transactions and suspected abuse of banking processes.

He said the unit would continue to pursue financial crimes through lawful investigative procedures and ensure that relevant evidence was properly obtained, documented and presented before a competent court.

Court proceedings in the matter are ongoing.