By Jessica Osajie / Posted February 13, 2025
An Ikeja High Court has scheduled March 11 for the arraignment of First City Monument Bank (FCMB) and three other defendants over allegations of forgery and mortgage fraud. The other defendants in the case are Okogun Polycarp, Batik Line International Ltd, and Bolaji Adebajo.
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This case highlights a serious legal battle involving FCMB and the other defendants over allegations of forgery and mortgage fraud. The absence of the defendants at the initial court appearance suggests possible delays in the legal process. Given that the Special Fraud Unit is involved, the case likely carries significant financial and legal implications.
Justice Ismail Ijelu adjourned the arraignment due to the absence of the defendants in court. Counsel from the Special Fraud Unit, Mr. Daniel Apochi, informed the court that the defendants had been notified of the arraignment but expressed displeasure over their absence. He requested an adjournment to allow the court sheriff to serve the defendants formally.
The News Agency of Nigeria (NAN) reports that the prosecution filed a four-count charge against the defendants, accusing them of conspiracy to commit a felony, forgery, and fraudulent conversion. According to the charge sheet, the alleged offences occurred between 2008 and 2009 in Lagos.
The charge sheet details that the defendants allegedly forged the signature of the complainant, Mrs. Grace Akinwusi, on several legal documents. These documents included an authority to create a legal mortgage, a deed of assignment, an irrevocable power of attorney, and a memorandum of understanding. The forged documents were purportedly used to fraudulently convert Mrs. Akinwusi’s property, located at No. 5B, Sasegbon St., GRA, Ikeja, Lagos, for their personal use.
The alleged offences violate Sections 287, 363, 365, and 411 of the Criminal Laws of Lagos State, 2015.
Forgery and fraudulent property conversion are serious offenses under the Criminal Laws of Lagos State. The alleged actions of the defendants violate Sections 287, 363, 365, and 411 of the Criminal Laws of Lagos State, 2015. These sections pertain to theft, forgery, fraudulent conversion, and criminal conspiracy. If found guilty, the defendants could face significant penalties, including fines and prison sentences.
Moreover, financial institutions like FCMB are held to high standards of compliance and due diligence, and any involvement in fraudulent activities, whether intentional or due to negligence, can result in severe reputational damage and regulatory penalties. This case will test how the courts address complex fraud allegations involving corporate entities and individuals.
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NOTE: Jessica is on Student Industrial Work Experience Scheme (SIWES) at
DDNEWSONLINE.COM from the Department of Mass Communication, National Open University of Nigeria (NOUN).
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