Michael Adenuga Charged Over N5bn Fraud by EFCC

Michael Adenuga Charged Over N5bn Fraud by EFCC

EFCC Arraigns Michael Adenuga Over N5 Billion Fraud
The Economic and Financial Crimes Commission has arraigned Mr Michael Adenuga, a former accountant with an oil major company, Chevron.

He is alleged to have fraudulently converted landed property measuring about 22.687 hectares, valued at N5 billion and situated at Aiyetoro, Ikota, Lekki Peninsula, beside the Victoria Garden City.

The defendant was arraigned alongside his company, Covenant Apartments Complex Limited, before Justice Sedoten Ogunsanya of the Lagos High Court, Ikeja.

He pleaded not guilty and pending the hearing of his bail application, the court remanded him in Kirikiri Maximum Prison.

In the second charge, Mr Micheal Adenuga was alleged to have forged a Contract of Sale document which showed that his company Covenant Apartments Complex Limited sold the land to Kingview Realty.

He also forged the survey attached to the document. Channels Television gathered that the documents were used to obtain over N600m from GT Homes.

In the 3rd count, the defendant allegedly passed off the forged document to the EFCC as genuine. He pleaded not guilty to all three charges and the counsel to the EFCC, Mr Jamil Musa urged the court to remand him in prison pending the commencement of his trial.

The defence counsel, Mr Ehis Agboga however informed the court that he had just filed a bail application on behalf of his client. He urged the court to remand the defendant in the custody of the EFCC pending the hearing and arguments for bail.

He told the court that his client is diabetic, has a high blood pressure and would need to see his doctors regularly. He pleaded that remanding him in prison would further worsen his condition.

At this point, Justice Ogunsanya adjourned till the 21st of May for the defendant to settle the issue of his legal representation. On that day, the court would also possibly hear the application for his bail.

In the meantime the court ordered that he be remanded at the Kirikiri maximum prison and adjourned the case till 4th & 5th of June.