EFCC Arraigns Cashflow, “Illegal” Bank Operator for Fraud

EFCC Arraigns Cashflow, “Illegal” Bank Operator for Fraud

The Economic and Financial Crimes Commission, EFCC, on June 13, 2018 arraigned a director of Cashflow ABI Network Limited, Philemon Ibrahim Gora, before Justice Ijeoma Ojukwu of the Federal High Court, Maitama, on a two-count charge for illegally operating a financial institution.

Gora is accused to have between 2012 and 2017 used the company to defraud unsuspecting customers. He was arraigned along with the company, and they are accused of violating Section 2 (1) of the Banks and Other Financial Institutions Act, and Section 49 (1) of the same Act.

Count two of the charges reads: “That you Dr. Philemon Ibrahim Gora, being a Director of Cashflow ABI Network Limited between 2012 and 2017 in Abuja within the jurisdiction of this Honorable Court knowingly consented to the carrying on of banking business without a valid license issued to the company and thereby committed an offence contrary to section 49(1) of the Banks and Other Financial Institutions Act Cap B3 Laws of the Federation of Nigeria 2004 and punishable under section 2(2) of the same Act”.

The defendants pleaded “not guilty” to the counts.

In view of the plea, prosecuting counsel, G.K. Latona, urged the court to fix a date for trial and to remand the suspect in prison custody.

Counsel to the defendant, Alex Marama, however, notified the Court that he received the charges “yesterday” and so was unable to file bail applications.

“We therefore seek to make an oral application for bail of our client,” he said, arguing that the defendant had been on EFCC’s administrative bail, “and did not violate any conditions preferred against him”.

Latona, opposed the application for bail, urging the court to take into cognizance the nature of the offence committed.

After listening to the arguments, Justice Ojukwu, granted the defendants bail in the sum of N10 million each, with two sureties in like sum, who must be a federal civil servants not lower than grade level 16 and must own a landed proper. The trial judge also ordered him to surrender his international passport to the court. He is to also pay N5 million as bond, and will be in Kuje Prison pending when he fulfills the conditions.