16 November 2012

Nigeria: EFCC Re-Arraigns Ebong, Ex-Union Bank MD, Others

Lagos — Former managing director of Union Bank Plc, Barthlomew Ebong and five other executives of Falcon Securities Limited, a Subsidiary of Union Bank Plc, were yesterday re-arraigned before a Fedral High Court sitting in Lagos, by the Economic and Financial Crimes Commission, EFCC, over alleged money laundering.

Ebong is standing trial alongside Mr. Henry Onyemem, Mr. Niyi Albert Opeodu, Managing Director of Falcon Securities Limited, Mr. Samuel Anyininuola and Falcon Securities Limited.

The prosecutor, Mr Nkem Okolie had told the court at their arraignment, that the accused were charged with unlawfully granting loan facilities to themselves without security, above the approved limit, and without lawful authority from the Central Bank of Nigeria, CBN.

According to the charge, "the alleged offences contravened section 2(3) (4) of the money laundering (prohibition) act 2004, and punishable under section 2(5) of the same act."

However, they all pleaded not guilty to the 20 count charge preferred against them.

The accused were re-arraigned before Justice Rita Ofili-Ajumogobia who will now be the trial judge following the transfer of Justice Binta Murtala Nyako, former trial judge, from the Lagos Division.

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