The Federal Government through the Office of the Attorney-General of the Federation (AGF) will on November 26 re-arraign a former Managing Director of the defunct Gulf Bank Plc., Prince Johnson Adekunle Adeyeba, and two others at a Federal High Court in Lagos over alleged N15.7 billion fraud.

Others to be re-arraigned alongside Adeyeba before Justice Daniel Osiagor are; a Briton, Gareth Marvyn Wilcox, the Managing Director of Ibom Power Company; and a lawyer, Uche Uwechia, who was the former Legal Advisor to the bank.

At Thursday’s proceedings, prosecution’s lawyer, Patience P. Udoh, told the judge that the matter fixed for the defendants’ re-arraignment is coming up for the first time before the court.

The defence lawyer however sought for an adjournment on the basis of ill-health of one of the defendants. Justice Osiagor subsequently adjourned the matter to November 26 for the re-arraignment of the defendants.

The defendants were first arraigned before Justice Ibrahim Yunusa, sometimes in 2020, on a 21-count charge of conspiracy, fraud and illegal conversion of N15.7 billion belonging to the bank.

The case was, however, stalled upon the compulsory retirement of Justice Yunusa from the Bench, following which the case file was transferred to Justice Rilwan Aikawa.

The case was later transferred to Justice Osiagor inherited upon the transfer of Justice Aikawa from Lagos to another jurisdisction of the court.

In the charge marked FHC/L/497c/2013, the defendants and others at large were alleged to have between April 1, 2001, December 24, 2002; August 8, 2003 and some other dates, fraudulently used their various positions to convert the sum of N15.7 billion to fund their private businesses.

Prince Adeyeba was alleged to have used his position to defraud the bank of the said amount to fund the Briton’s companies, while the two of them were also alleged to have used the money to purchase a vessel and finance a non-existing refinery.

He was also alleged to have fraudulently converted two landed property owned by the bank situated at Plot 22 and 23 Zone K, Federal Government Layout, Banana Island, Lagos, with Certificate of Occupancy numbers: 27/27/96 and 7/7/96 dated 20th June, 2003, to his property.

The lawyer, Uche Uwechia, was alleged to have aided the former bank manager to convert the said land to his personal properties. The value of the land is said to be N600 million.

The offences according to the AGF are contrary to Section 15(1)(c) (2) and (3) of the failed banks (recovery of debt) and financial malpractices in banks act Cap F2, 2010 and punishable under Sections 16(1),(2),18(1)(2) and 19(4)of the failed banks (Recovery of Debt and Financial Malpractices).