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EFCC arraigns Keystone, NULEC, others over alleged theft of N285m

Keystone Bank, (formerly Bank PHB Ltd), NULEC Industries Limited, Anayo Nwosu, Ashok Israni, Olajide Oshodi and Sunny Obazee, were, on Tuesday, re-arraigned for allegedly stealing N285 million, property of Dozzy Oil and Gas Limited.

All the accused were alleged to have between July 14 and July 31 2008 in Lagos fraudulently converted to their own use the sum of N285million when the money was credited to NULEC’s account so as to defray its debt owed to Bank PHB .

The Economic and Financial Crimes Commission (EFCC) alleged that Bank PHB, NULEC, alongside others, between July 14, and 31 2008, in Lagos, fraudulently converted to their own use the sum of N145 million, being the property of Dozzy Oil and Gas Limited, when they transferred the said sum into the account of NULEC Industries Limited with Guarantee Trust Bank.

One of the counts read: “Anayo Nwosu and Olajide Oshodi, between June and September 2008 in Lagos within the jurisdiction of this Honourable Court did fraudulently convert to your own use, the sum of N110, 000,000.00 (One Hundred and Ten Million Naira), being the property of Dozzy Oil and Gas Ltd when you received the said sum through the account of Drillcom Investment W/A Limited as premium charge of N1.10 per share as payment for the purchase of shares of NULEC Industries Limited under a Private Account.

All the accused pleaded not guilty when they were arraigned before an Ikeja High Court.