Petro Union $15bn Fraud Saga: Criminal Hearing to Resume Nov 15


The ongoing high-level prison trial of the alleged Petro Union fraud case is made up our minds to resume on 15th November at a Federal High Court docket in Lagos. In step with the hearing glance issued lately by the court, the trial court will habits the topic solely over two days within the first occasion.

The case, which kicked off in March 2020, modified into filed by the Economic and Monetary Crimes Commission (EFCC) against Petro Union Oil and Gasoline Restricted (Petro Union), its monetary consultant and four of its directors – Abayomi Kukoyi (procuring and selling below the title of Gladstone Kukoyi & Friends), Prince Kingsley Okpala, Prince ChidiOkpalaeze and Prince Emmanuel Okpalaeze. The defendants alongside the company are going through a thirteen – depend price on sundry prison counts bordering on conspiracy, acquiring by wrong pretences, forgery, and fraud proffered against them by the anti-graft company on behalf of the Federal Authorities of Nigeria.

Old hearings accept as true with published what looks to be a blatant attempt by the accused persons to make consume of Nigeria’s justice system to perpetuate and validate defective practices.Testimonies from key witnesses for the prosecution accept as true with extra exposed how the company and its directors allegedly plotted and conspired to defraud the Central Bank of Nigeria (CBN) and voters of the Federal Republic of Nigeria. Up to now, eight witnesses accept as true with testified before the court alongside with a aged minister of Finance, a senior officer of the CBN and an ex-Union Bank UK workers.

In her testimony, Senator Nenadu Usman who served as Minister of Hiss for Finance and later, substantive Minister acknowledged a letter came to the Predicament of job of the Minister of Finance from Petro Union in February 2007. In step with her, the letter requested the mandate of the Ministry of Finance for the CBN to approve the funding of funds into Nigeria. Subsequently, the letter went to the Eternal Secretary, Ministry of Finance who, in turn, despatched it to the Home Finance Department for suggestion. The Ministry concluded that what modified into required is for the Ministry to remind the Petro Union that the CBN would no longer require the mandate of Minister of Finance before such foreign capital may perhaps well well furthermore be imported to Nigeria because it’s no longer public funds. She concluded her testimony announcing the Ministry modified into no longer ready to, and neither did it confirm, the existence of the funds referred to in Petro Union’s letter.

Mr. Olugbemileke Akinyemi Akinwunmi, one other key ogle who works with CBN Abuja as a Critical Supervisor in control of domiciliary accounts and administration of inflows into the Income Legend told the Court docket that he modified into mandated to bring together the series of data referring to to correspondence between the CBN and Petro Union.

When explaining international transfers, he acknowledged that each one outflows from the CBN buckle down and do a platform known as SWIFT and that each one processes must always rush through this platform and that for payments to be processed, there must always be a Correspondence Bank for the inflow. He extra explained tothe Court docket that the CBN products and services two lessons of shoppers – Ministries, Departments and Agencies (MDAs) in a single category, and Banks and more than a couple of monetary institutions within the 2nd category. He acknowledged categorically that beyond these two sorts of prospects, the CBN would no longer preserve accounts for individuals and is no longer all for the receipt of funds into Nigeria for non-public transactions.

He acknowledged he saw a duplicate of a commentary allegedly introduced by Petro Union because the commentary of story of a company known as Goldmatic Restricted. Upon evaluation of the commentary, he confirmed that no company with that title exists in CBN’s data. From the title, it is stable to thunder the company is a tiny liability company and CBN would no longer preserve accounts for such entities.

Mr. Walter Mbah, now a pensioner, modified into an employee ofUnion Bank from October 1971 to March 2009, all in which he had the chance to work at Union Bank LondonBranch between 2000 and 2001. He told the Court docket that Union Bank, London division received a anticipate from the Bank’s head position of business in Lagos to confirm a cheque for GBP2,556,000,000 in 2001. As is the typical practice, the London Department wrote to Barclays Bank for confirmation of the cheque. Barclays Bank answered by job of its possess letter stating that the story against which the cheque modified into drawn had been closed since 1989.

Mbah testified that while Union Bank may perhaps well no longer hint the duplicate of the letter written to Barclays Bank, the Bank level-headed had a duplicate of the response from Barclays Bank. The response from Barclays Bank modified into tendered and admitted by the Court docket in evidence.

It’s expected that when the prison trial resumes on Monday, 15 November 2021, the prosecution will enact its case and the defence will start its case either straight away or on the next adjourned date.