Court denies bail to two MDs over 120M property scam

Justice Mojisola Dada of an Ikeja Special Offences Court, Lagos has refused bail to two Managing Directors (MDs), Samuel Okeke of Samadores Ltd and Aqua Rock Real Estate, and Ifeanyi Ndigwe of Icon Communications Ltd over property scam.

The trial Judge rejected their applications following opposition from the Economic and Financial Crimes Commission (EFCC).

Okeke, Ndigwe, and the Managing Director (MD) of Forthright Properties Ltd, Isaac Akintoye, are standing trial alongside four firms for an alleged N120 million property scam.

While delivering her ruling on Tuesday, the Judge noted that the EFCC’s claim that first defendant Okeke jumped administrative bail, and that third defendant Ndigwe had no verifiable address, were not controverted.

Justice Dada held: “The first defendant’s bail was opposed by the prosecution on the ground that he jumped the administrative bail granted him at the EFCC office and evaded arrest until he was apprehended on May 10.

“The applicant’s counsel never replied to this weighty allegation in all the documents submitted before the court. I, therefore, hold that his application fails and bail is hereby refused.”

In rejecting the third defendant’s application, the judge observed that he did not have a source of income or a traceable address, there are indications that he may not be available for his trial.”

Bail was, however, granted Akintoye in the sum of N500,000 with one surety in the like sum.

Justice Dada adjourned till June 8 for trial.

The defendants were on May 15 Arraigned by the Economic and Crimes Commission, EFCC on 16 counts charge bordering on stealing and fraud.

According to EFCC counsel Muhammed Bashir, the offences were committed in Lagos between November 14, 2005, and August 2014.

Credit: Independent