EFCC Arraigns Ex-Bank PHB Director, Funmi Adenmosun Over Alleged N26.6bn Fraud

Adenmosun was charged with a private corporation, Rare Properties and Development Limited, as well as his company, Home Trust Savings and Loan Limited.
They were charged with a 10-count accusation of conspiracy, money laundering, and fraudulent conversion of the proceeds of a private placement raised from the public in the name of Investments & Allied Assurance Plc before Justice Daniel Osiagor.
Rotimi Oyedepo, an EFCC prosecutor, told the court of the 10-count charge dated January 5, 2020 and begged the court to order the charge to be read to the defendants.
After the reading of the charge, Adenmosun pleaded not guilty to all 10-counts.
The prosecutor, Oyedepo then requested a trial date and urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
Adenmosun’s lawyer, Senior Advocate of Nigeria, Wale Adesokan, however, told the court that a bail application dated January 13, 2022, had been filed and the same had been served on the prosecution.
He urged the court to instead hand over Adenmosun to him after giving an assurance that the defendant would always attend court for the hearing of his case.
But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.
The judge directed that one of the sureties must be a grade level 15 officer in either the federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction of the court.
The judge further directed that the defendant should be remanded in EFCC custody pending the perfection of his bail application.
The matter has been adjourned to February 24, 25th and March 4, 2022, for hearing.

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