Prof. Uche Chigozie Edwin and his companies — Visionary Integrated Consulting Limited, NEMAD Associates Limited and Revamp Global Enterprises — have been hauled up before a Federal High Court in Ikoyi, Lagos, for alleged N1.4 billion fraud.
The Economic and Financial Crimes Commission (EFCC) arraigned them before Justice Nicholas Oweibo on an 11-count charge bordering on conspiracy, retention and conversion of funds to the tune of N1.47 billion.
Edwin, according to the prosecution, committed the offences sometime in 2021 in Lagos within the jurisdiction of the court by conspiring to use the sum of N1, 473,367,046.04, property of the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN).
The offences contravened Sections 15(3) and 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012.
The professor, however, pleaded innocence of the 11-count charge.
In view of his plea, the prosecution counsel, Mr C.C.Okezie, asked the court for a date to begin trial and also urged the court to remand the defendant.
Counsel to the defendant, Mr Mobolaji Akintunde, objected to the remand of Edwin; instead applied for his bail.
Ruling on the bail application, Justice Oweibo admitted the defendant to a bail in the sum of N1million and two sureties in like sum.
The sureties must possess landed property within the jurisdiction of the court, show a tax clearance certificate of three months as well as their passport photographs, the judge said.
The defendant was also ordered to deposit his passport with the court.
The case has been adjourned until June 27, 2023, for the commencement of trial.