EFCC arraigns professor over ‘N1.4bn fraud’ in Lagos

March 16, 2023 6:07 pm

The Lagos zonal command of the Economic and Financial Crimes Commission (EFCC) has arraigned Uche Edwin, a professor, for alleged N1.4 billion fraud.

In a statement on Thursday, the commission said Edwin was arraigned at the federal high court sitting in Ikoyi.

The professor was arraigned alongside his three companies namely Visionary Integrated Consulting Limited, NEMAD Associates Limited, and Revamp Global Enterprise on an 11-count charge bordering on conspiracy, retention, and conversion of funds.

“That you, professor Uche Chigozie Edwin, Visionary Integrated Consulting Limited, Nemad Associates Limited, and Revamp Global Enterprise, sometime in 2021 in Lagos, within the jurisdiction of this Court, conspired amongst yourselves to use the sum of N1, 473,367,046.04 (one billion, four hundred and seventy-three million, three hundred and sixty-seven thousand, forty-six naira, four Kobo), property of the Maize Growers, Processors, and Marketers Association of Nigeria (MAGPAMAN), which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: fraud; and you thereby committed an offence, contrary to Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) of the same Act,” one of the charges reads.

But during the arraignment, Edwin pleaded not guilty to the charges against him.

Following his plea, C.C.Okezie, the prosecution counsel, asked the court for a trial date. He also prayed the court to remand the defendant.

Reacting, however, Mobolaji Akintunde, the defence counsel, prayed the court to admit his client to bail.

Akintunde added that his client should be remanded in EFCC custody pending the perfection of the bail.

In his ruling, Nicholas Oweibo, the judge, admitted the defendant to bail in the sum of N1 million and two sureties in like sum.

The judge ruled that the sureties must possess landed property within the jurisdiction of the court, and show a tax clearance certificate of three months as well as their passport photographs.

He also ordered the defendant to deposit his passport with the court and adjourned the case till June 27 for the commencement of trial.