<p>A Federal High Court, sitting in Lagos has adjourned till 21st of April, 2020, when the former Managing Director of defunct Gulf Bank of Nigeria Plc, Babajide Rogers and five others and three companies alleged to have defrauded the bank to the tune of N15billion, would be arraigned before the court. </p>



<p> ; ;Other
defendants are prince Adekunle Adeyeba,
former Director and majority shareholder of Gulf bank, Gareth Mervyn Wilcox Managing Director of Ibom Power
company, Uche Uwechia former company
secretary of Gulf bank, Ignatius Ukpaka Managing Director and Chief
Executive Officer of Taurus Shelter limited, John Ezegwu, and three companies, Ibom Power
company, LYK Enginering Company limited
and Taurus Shelter Limited. ;</p>



<p> ; ;The Attorney General of the Federation
Abubakar Malami in authorisation letter dated 1st of September, 2016 issued in
accordance to section 174 of the constitution of the Federal Republic of
Nigeria 1999, has authorized a Kano based lawyer chief O. E. B.
Offiong to prosecute the defendants. ;</p>



<p> ; ;In a 47-
count  ;amended criminal charge ;
number FHC/L/479C/2013 filed before the court by the prosecuting counsel Chief O. E. B. offiong SAN, it was
alleged that prince Johnson Adekunle Adeyeba,</p>



<p>Babajide Rogers, Uche Uwechia with other principal staff members of Gulf Bank now at large on between April 2001 and September 2004,knowingly, recklessly, negligently and willfully without regard to laid down procedures for the granting of loans, proceeded to grant loans in the sums of N4,160,000,000.00 and $55,300,000 to</p>



<p>Ibom Power Company limited and LYK Engineering limited as customers of ; Gulf Bank Plc knowingly provided false
statements, non -existent,and fictitious information for the purpose of
wrongfully avoiding the repayment of the loan. ;</p>



<p> ;Prince Adekunle Adeyeba being the alter ego and owner of Fabisco Allied ; company, Sublime Commodities, Eagle Energy limited Companies, used his position as a Director and
majority shareholder of Gulf bank,
without providing adequate approval and  ;security</p>



<p>and contrary to accepted banking practice approved loan
of ; N2,086,179,775.24 for these companies and also in the same
circumstance, obtained a loan of
N70million for his own personal use contrary to section 15(1)(c) (2) and (3) of
the failed banks (recovery of debt) and financial malpractices in banks act Cap
F2,2010 and punishable under section16(1),(2),18(1)(2) and 19(4)of the failed
banks (recovery of debt and Financial Malpractices</p>



<p> ;It was further alleged that with intent to defraud,
they conspired to conceal the
title documents to landed property with certificate of occupancy number 272796
dated 20th June 2003 registered as plot 22,Zone K Federal Government layout
Banana Island Ikoyi Lagos valued at N600milion which said title documents
Prince Johnson Adekunle Adeyeba had agreed to transfer to Gulf bank of Nigeria
Plc. ;</p>



<p> ;Other
charges include Uche Uwechia  ; ;between 2001-2004, being connected with
the grant of loan to prince Johnson Adekunle Adeyeba knowingly and through his
negligence failed to perfect title of Gulf bank over a piece of land at plot 23
Zone K Banana island which was used as a collateral to secure the indebtedness
of Prince Johnson Adekunle Adeyeba to Gulf bank.</p>



<p> ;When the case was ; mentioned, Barrister Fidel Albert representing
the first defendant Prince Johnson Adekunle Adeyeba told the court that he has
just been briefed about the case, therefore he needed time to study the case
file. Other defence counsels,
Paul Usoro SAN and Tayo Oyetibo SAN ; did not raise any objection.</p>



<p>Consequently the presiding Judge Rilwan Aikawa ;
adjourned till 21st of April, 2020 when the defendants will be arraigned.</p>

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