EFCC accuses businessman of stealing $59,220 erroneous transfer

The Economic and Financial Crimes Commission (EFCC) yesterday told the Federal High Court in Lagos that a businessman, James Olaoluwaniyi, allegedly converted $59,220 erroneously transferred to his account.

In a counter-affidavit to Olaoluwaniyi’s fundamental rights suit, EFCC said it received a petition last June 12 against the applicant over the money’s fraudulent conversion.

The commission said the applicant admitted to have converted the fund, but claimed he was expecting money from a business partner.

EFCC said despite being informed of the error, Olaoluwaniyi spent $39,554 out of the sum.

According to the commission, the applicant did so despite realising that the sender was not his supposed client.

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The bank, EFCC said, was able to debit $19,666 from the account and an additional $10,000, which the applicant refunded after several appeals, leaving a balance of $29,000.

EFCC said it was the applicant’s refusal to pay the balance that necessitated the petition leading to his arrest.

Besides, the commission said Olaoluwaniyi was granted administrative bail but he failed to fulfil the conditions.

It added that a charge of stealing was pending against the applicant before a Lagos High Court.

Olaoluwaniyi and his company, Triump Energy Nigeria Limited, sued the EFCC and Sterling Bank Plc for alleged unlawful detention.

In a motion on notice, the businessman is seeking a declaration that his arrest and continued detention by the EFCC at the bank’s instance since February 5 over his alleged utilisation of funds mistakenly credited into his account by the bank, was unlawful.

Olaoluwaniyi prayed the court to declare his arrest and detention unconstitutional, claiming that his act did not amount to a crime.

He argued that no intention to commit the offence had been established by the respondents.

Olaoluwaniyi also prayed for an order directing the EFCC, its officers and agents to release him from custody with immediate effect.

He asked for an order of perpetual injunction restraining them from further interfering with his liberty.

Midway into adoption of processes by the applicant’s counsel, Mr. N. Nzebude, the court noticed that the papers had no Nigerian Bar Association (NBA) seal, as required by law.

Nzebudo informed the court that his partner, who prepared and filed the processes, failed to affix the seals.

He urged the court to grant a short adjournment to enable him to regularise the processes.

EFCC counsel Nkeruwem Anana opposed the application on the grounds that the case was slated for definite hearing.

He asked for N50,000 cost against the applicant for inconveniences caused by the adjournment.

The bank’s lawyer, Mr. S. O. Elimihe, urged the court to either dismiss the case or enter judgment.

Describing the absence of the NBA seal as an irregularity, Justice Chuka Obiozor awarded N20,000 each to EFCC and Sterling Bank, which he said should be paid on or before the next hearing.

He adjourned till June 26 for definite hearing.