Former chairman of Intercontinental Bank Plc, Chief Raymond Obieri, and six other former directors of the bank, who are facing corrupt charges preferred against them by the Economic and Financial Crimes Commission (EFCC), at the Federal High Court, Lagos, yesterday raised an objection on the amended charge brought against them.
Charged along Obieri in the 12-counts charge, are Hyacinth Enuha, Christopher Adebayo Alabi, Samuel Adegbite, Alhaji Isyaku Umar, Bayo Dada and Elder Sanni Adams.
But the former bank chiefs raised an objections when the Chief Judge of the Federal High Court, Justice Dan Abutu, ordered their re-arraignment following the formal substitution of the previous 12- charges with an amended charge by the prosecution led by M.S Hassan.
In his objection, Obieri’s counsel, Chief Wole Olanipekun (SAN) told the court that the fair accused tend to raise objections to the counts affecting his clients namely counts 1, 5, 6, 7, 8, 9, 10, 11, 12 and 16.
The objection, he said was drawn from provisions of section 167 of the Criminal Procedure Acts (CPA), which stipulates that an accused can object to pleas on any count charge if he notice any defect on the charge.
According to him, his client cannot take plea on the charge since; there was defect in the counts.
He informed that court, that Obieri be given time in the interest of justice to file his objections on the charge against him.
Counsels of the other six accused which include Adebambo Adesanya (SAN), Yunus Ustaz Usman (SAN) and Mrs. Abiola Afolabi aligned themselves with the submissions of the first accused person and urged the court to adjourned the matter to allow them file their objections.
An attempt by the prosecution to have the charge read to the accused was thwarted by Justice Abutu, on the ground that there was no objection before the court.
According to the judge, since there was no objection yet before the court, and the purpose of reading the charge was to allow the accused be acquainted with the charge, there was no reason to go on with the re-arraignment as the accused have claimed to have understood the charge, he then adjourned the matter till March 22, 2010, for hearing on the applications to allow parties exchange their addresses.
The Economic and Financial Crimes Commission (EFCC) had January 19, 2010 filed amended corruption charges against the Chairman of the Intercontinental Bank Plc, Raymond Obieri and six non-executive directors of the bank, hinging it on new clues and fresh facts available to EFCC.
In the new amendment, Obieri and the other six are charged for granting credit facilities in the sum of N8 billion to companies, which they are either directors or had interest in, without security, contrary to Intercontinental Bank Plc's regulations and offence contrary to section 15(1) (a) and (c) of the Failed Banks (Recovery of Debts) and Financial Mal practices in Banks Act Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under Section 16(1) (a) and (2) of the same Act,
They were also charged for failure to take reasonable steps to ensure that the balance sheet and the profit and loss account of Intercontinental Bank Plc are correctly reported to C.B.N and to give a true and fair view of the state of affairs of Intercontinental Bank Plc with regard to a credit facilities in the sum of N8 billion, granted to SOO-KOK Holdings, which was wrongly classified as an off-balance sheet item and in respect of which no loan account was created in the name of the company.
The offense, E.F.C.C alleged, was contrary to Section 28(3) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria, 2004.
Other charges against some of the non-executive directors of Intercontinental Bank Plc include receiving several thousands of the United States dollars from the bank as holiday allowances in contravention of the code of conduct for banks issued by the C.B.N, an offense committed contrary to section 33 (5) (b) of C.B.N (Establishment) Act 2007 and punishable under the same section of the same Act.
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