How directors allegedly defrauded bank of N100 million

A businesswoman, Mrs. Modupe Olawale, on Monday told a Lagos High Court, Igbosere how her company’s director, Olu Osho, allegedly obtained N100 million loan from first bank with fake document.
Olawale made the disclosure at the resumed trial of Osho (first defendant) and Osbourne Park Limited before Justice Adeniyi Adebajo.
The defendants were accused to have conspired with intent to defraud, obtained the sum of N100 million by false pretences from First Bank.
Led in evidence by counsel to the Economic and Financial Crimes Commission, EFCC, Rotimi Oyedepo, Olawale said she discovered some fraudulent acts of the first defendant in 2008.
Olawale who is the Executive Director of Texas Connection Ferries, said: “the defendants forged minutes of meetings which enabled them open accounts at FCMB, Zenith, Ecobank, GTB and Afribank.
“They had been operating the accounts and diverting funds to this accounts in the name of the company.”
According to her, the discovery made her report the matter to EFCC that later investigated the case.
“It was the investigation that led to the discovery of a N10 million deposit payed into the account of Osbourne Parks Limited by the first defendant,” she said.
Olawale alleged that the defendants had forged documents to obtain the loan as the documents shown to her in court by the EFCC counsel does not bear her signature.
However, the defense counsel, O.A. Owolabi affirmed during cross-examination that Olu Osho was not aware of the whole transaction.
The matter was later adjourned to Dec. 9 and 12 for continuation of cross-examination.
One Akinyemi (deceased) was the Managing Director of Texas Connection Ferries, while Osho was the Executive Director of same company.
Both directors were joint signatories to an account opened for Texas Connection Ferries in First Bank Plc.
The deceased allegedly took a loan of N100 million and used the company as corporate guarantor, but the money was allegedly transferred to Osborne Park Limited.
The offence, according to the charge sheet contravened Section 1(3) and (8)(a) of the Advance Fee Fraud and Other Related Offences Act, 2006.


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