Alleged N2.7bn Fraud: How N936,619,876 Was Dishonestly Retained In UBA Bank Account - EFCC

The Economic and Financial Crimes Commission (EFCC) has arraigned a couple, Oriyomi Idowu and Ruth Idowu, over alleged involvement in fraud to the tune of N2,757,188,000.00 billion.

They were arraigned before an Ikeja Special Offences Court, presided over by Justice Mojisola Dada, on a 20-count charge bordering on obtaining money by false pretence, money laundering, stealing, retention of stolen property, and forgery.

The duo were docked alongside some limited liability companies, namely; Food Commodity Processing Enterprise, Bonway Food Processing Company Limited, Samee Idowu Company Limited, and Farmex Integrated Companies Limited, which all belong to Ruth Idowu.

One of the counts read: “Ruth Sameeha Idowu, aka Loiry Ventures, Oriyomi Kabeer Idowu, aka Yocli Ventures, Food Commodity Processing Enterprise, Bonway Food Processing Company Ltd, Samee Idowu Company Limited, Farmex Integrated Companies Limited, sometime in 2023 in Lagos, within the jurisdiction of this honourable court, converted the sum of N10,000,000 to purchase a GLK Benz, purchase sum derived from converting the sum of N500,000,000 belonging to Creditpro Business Support Services with the aim of disguising the illegal origin of the funds.”

Another count reads: “Ruth Sameeha Idowu, aka Loiry Ventures, Oriyomi Kabeer Idowu, aka Yocli Ventures, Food Commodity Processing Enterprise, Bonway Food Processing Company Ltd., Samee Idowu Company Limited, Farmex Integrated Companies Limited, sometime in 2023 in Lagos, within the jurisdiction of this honourable court, dishonestly retained the sum of N936,619,876 (Nine Hundred and Thirty-Six Million, Six Hundred and Nineteen Thousand, Eight Hundred and Seventy-Six Naira only) in your UBA bank account, property of Creditpro Business Support services knowing same to be funds fraudulently obtained from Creditpro Business Support Services.”

But the couple pleaded not guilty to the charge, prompting the counsel for the EFCC, Mrs Bilikisu Buhari-Bala, to pray to Justice Dada for a trial date and the remand of the defendants at a correctional facility.

However, the lawyer for the first defendant, G. Onwubuya, hinted to the judge about the bail application of his client, which had yet to be served on the prosecution. 

He prayed the court to remand the defendants in the EFCC custody, and also sought a short adjournment for the hearing and determination of the bail application.

Objecting, Buhari-Bala informed the court that the holding facility of the EFCC was already overstretched, adding that the appropriate place, following arraignment, was a correctional centre.

In her declaration, Justice Dada held that there was no bail application before the court for the second defendant, whose counsel, J. J. Ogunyemi, had yet to file.

As a result, Justice Dada adjourned the matter until December 15, 2023, and ordered that the defendants be remanded at the correctional centre “pending hearing and determination of their bail applications.”

All rights reserved. This material and other digital volumes on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from THE NEWS ACCELERATOR NETWORK.

For advert placement, please contact thenewsacceleratornetwork@gmail.com or 08033599492. For news coverage or press releases, call 08022717838.