By Giwa SHILE
A Federal High Court in Lagos on Thursday sentenced the Managing Director of AG Moeller Ltd, Olukemi Adeloye, to seven years imprisonment for running a financial institution without apex bank licence.
The convict and his company (AG Moeller) were arraigned on March 5, 2011 on five-count charge bordering on conspiracy, felony, fraud and operating a financial business without licence.
The convict had pleaded not guilty.
On Thursday, Justice Okon Abang, who had been transferred out of the Lagos division of the court, delivered his judgment after he had successfully concluded trial in the case.
In the charge, the prosecution accused the convicts of obtaining N80 million from Chairman of Cross Country Ltd, Mr Bube Okorodudu, in excess of N140 million.
The sum was said to have been in excess of the sum advanced to him, through the medium of a contract of finance lease facility, which was induced by false pretence.
After the close of prosecution’s case, the convicts initially filed a no-case submission, but after it was overruled, they opened their defence.
Delivering his judgment which lasted almost five hours, the court upheld the arguments and issues raised by prosecution, and held that the prosecution was able to prove its case beyound reasonable doubt.
The court found the convicts guilty of all counts of the charges preferred against them
Abang consequently sentenced the convict to one- year imprisonment on count one, three years imprisonment on count two, seven years on count four and five years imprisonment on count five.
The court held that the jail terms would run concurrently, from the date of judgment.
This means, that the convict is to serve seven years in prison.
Meanwhile, on count three, the court ordered the company, (AG Moeller Nigeria Ltd), to pay a fine of N 1 million to the Federal Government.
The court also ordered the company to refund N80 million to Cross Country Ltd.
According to the charge, the convict was said to have obtained the monies with intent to defraud.
The offence contravened the provisions of Sections 1 (a-c), 1(2) and 1(3) of the Advanced Fee Fraud and other Fraud Related Offences Act, 2006.
