Justice Olabisi Akinlade of the Lagos High Court, Ikeja, on Tuesday ruled that an alleged serial fraudster, Seun Ogunbambo, continue to stay at the Kirikiri Maximum Security Prison, Lagos.

Mr. Ogunbambo is involved in multiple cases of fraud and is renowned for his ease to assume multiple identities, according to the Economic and Financial Crimes Commission, EFCC.

The commission is accusing Mr. Ogunbambo, and his company, Adeline Investment Ltd., of fraudulently obtaining a credit facility of over N1.2bn from Stanbic IBTC Bank Plc in 2009.

Mr. Ogunbambo conspired with Olamide Ogunbambo and David Ayodele – both of them at large – to obtain the facility, the commission said.

While fixing trial for January 24th, 2013; Ms. Akinlade said that the defendant did not convince the court that he would not jump bail before the date.

“I’ve gone through the evidence against the defendant, the evidence is quite weighty and serious,” Ms. Akinlade said.

“Also, the claims that the defendant was using different names to procure international passports at different times were not challenged or contradicted; therefore admitted as the truth,” the judge added.

The judge maintained that she would give the trial an accelerated hearing.

The credit facility was granted to Mr. Ogunbambo, after he forged bank statement of Guaranty Trust Bank and Bank PHB, in four tranches – N610m, N230m, N200m and N180m, according to the anti graft agency.



In the bank statements that helped facilitate the fraud, Mr. Ogunbambo claimed that he earns a monthly salary of N5.5m, with an additional N5m per month taking care of his housing allowance, the EFCC added.

When he was arraigned last week, Mr. Ogunbambo pleaded not guilty to all 14 counts and was remanded in prison.



PLEA BARGAIN

At the hearing of the bail application on Tuesday, Adebayo Adenipekun, counsel to Mr. Ogunbambo, said that his client had already refunded N120 million to the bank.

Mr. Adenipekun also told the judge that they have been meeting with the EFCC, as well as Stanbic IBTC, towards a resolution of the matter.

“It is not in dispute that before the arraignment and after the arraignment, the applicant has been meeting the complainant towards the settlement of the matter,” said Mr. Adenipekun, a Senior Advocate of Nigeria.

“The applicant will not only attend trial when the trial commences, he is also taking steps to settle this matter by plea bargaining,” he added.

Ms. Akinlade, however, responded that their meeting is not the matter before the court.

Read more: http://premiumtimesng.com/news/108824-serial-billionaire-fraudster-remanded-in-prison.html

The money is too much ooo.

Is that not Billyonaire? The dude has been missing in action for a while now.

I love dt dude. Whether criminal or not, i love geniuses!

All politicians should be arrested then.
Leave this genius alone, it's your fault if you get fooled by him.

I refuse to comment

Bla bla, only the small fish get tried and convicted while the real economic saboteurs get tried for eternity.

Don't really no wat to post but I just felt like typing

kuzzieOtiz: All politicians should be arrested then.
Leave this genius alone, it's your fault if you get fooled by him.

True talk.What happened to bank-bank information? Stanbic should have investigated his account history with GTB.

kels on point: Don't really no wat to post but I just felt like typing

you try

But is there no procedure in place for Stanbic IBTC to have verified and confirmed the authencity of the bank statements presented to them by the man? Is obtaining a loan of 1.2 billion really that easy that all you have to do is show some paper documents containing forged bank statements. Something is fishy here.

someone is an unrepentant criminal and u guys r calling him genius,y dont u guys call a spade a spade and stop being a hypocrite.

gudluck and his cabinet would ve been arresed before arresting him, though its a bad reputation for our nation and stealing by tricks.

Hope no be our own Billyonaire

Ahhh, i for wonder...

Wow... That man is too much!!!

moreeni:

True talk.What happened to bank-bank information? Stanbic should have investigated his account history with GTB.

These banks antagonize eachother. There is no way one bank will know the account turnover of a customer in a second bank. Even when bank 'A' writes bank 'B', the response will be sketchy and wont carry weight. Something like, ''yes he has been our customer for 5yrs''. ''This information is without liability on our institution''. Such crap.

Omo See scamming on a large scale!!!
Where is my good friend Biliyonire

WinkWrld: YORUBA,,,,,

Watin do yoruba? Bloody tribalistic cow...

Moodie: Nigerian mentality.

Blame everyone else but the thief.

..."he's a small thief", "why can't they catch the politicians", " the thief is a genius", the bank should have done this or that.

Frankly everytime I come to this site, I leave feeling less intelligent

Maybe you shouldn't come again.

KINGwax: I love dt dude. Whether criminal or not, i love geniuses!

How sure are we that you are not a criminal, since you love criminals.

JOKES APART BILLIONAIRE IS MISSING

Dude is a young man.

PalmTree:

Maybe you shouldn't come again.

Yeah..seconded by me!

This man with 3 different Nigerian passports,I won't b surprised if he has dual citizenship. This guy is very slippery, African James Bond. A dull person can neva think like dat...if dem give am chance na 2 change face remain.