The Economic and Financial Crimes Commission on Tuesday arraigned a former Head of Service, Mr. Stephen Oronsaye, a Federal Capital Territory High Court in Maitama, Abuja on two counts of fraud.

The prosecution accused Oronsaye of abusing his position as Chairman of the Presidential Committee on the Financial Action Task Force in 2013 by fraudulently obtaining N190m, being part of the N240m grant which the committee received from the Central Bank of Nigeria.

Oronsaye pleaded not guilty to the two counts when they were read to him on Monday.

The trial judge, Justice Olasunbo Goodluck, stood the case down for one hour to enable the EFCC to open its case.

The trial is to resume at about 11am today.

The charges read, “Stephen Oronsaye a.k.a. Mr. Steve Oronsaye on or about 12th June, 2013 at Abuja within the jurisdiction of the High Court of the Federal Capital Territory whilst being the Chairman of the Presidential Committee on Financial Action Task Force and in such capacity entrusted with certain property to wit: the sum of N90,000,000.00 ( Ninety Million Naira) committed Breach of Trust in respect of the said sum by converting it to your personal use through the investment of the said sum of N90,000,000.00 in Access Bank Plc’s Bankers Acceptance for a tenor of 90 days at 9.0% interest rate in violation of the extant financial regulations.

“Stephen Oronsaye a.k.a. Mr. Steve Oronsaye on or about 30th December, 2014 at Abuja within the jurisdiction of the High Court of the Federal Capital Territory whilst being the Chairman of the Presidential Committee on Financial Action Task Force and in such capacity entrusted with certain property to wit: the sum of N100,000,000.00 ( One Hundred Million Naira) committed Breach of Trust in respect of the said sum by converting it to your personal use through the investment of the said sum of N90,000,000.00 in Access Bank Plc’s Bankers Acceptance for a tenor of 90 days at 12.0% interest rate each in violation of the extant financial regulations.

SOURCE: www.globalnaijablog.com/2016/03/15/efcc-arraigns-oronsaye-n190m-fraud/

even old man ..ehn