3 Lagos electrical dealers arraigned over N24.9 m conversion, theft

The Police in Lagos on Monday, arragined three members, of the Lagos Island Electrical Dealers Association, before a Federal High Court in Lagos over alleged N24 9 million conversion and theft.

The defendants, Emeka Okoli,56; Joseph Onyeanu, 55; and Benjamin Echebiri, 51, are standing trial on a four-counts charge bordering on conspiracy, conversion and theft

They appeared before Justice Peter Lifu but all pleaded not guilty to the charge.

The defendants were alleged to have converted to their use, a total sum of N24.9 million belonging to the Association.

The first defendant is said to be a self acclaimed member of the association's board.

When the case was called, the defence had informed the court of an application to defer arraignment, following attempts to resolve the issue with the Association.

After arguments by both prosecution and defence counsel on the issue, the court in a bench ruling, gave the defence three days to file their written address, on whether the case is to proceed.

The judge, had however, held that notwithstanding the application and the written address to be filed, the defendants will still take their pleas.

In the charge, the prosecutor, Mr Emmanuel Jackson, told the court that the defendants committed the offence sometime between July 2020 and December 2021.

He alleged that they converted the said sum allegedly derived directly from their participation in an organised crime of stealing, with the aim of either concealing or disguising the illicit origin of the money.

In counts one they were alleged to have conspired to convert the sum of N10.9 belonging to the association, which was derived directly from their participation in an organised crime of stealing.

In counts two, they were alleged to have converted N3 million, in counts three they were alleged to have converted N3.5 million and in counts four, they were alleged to have converted N7.38 million.

The offence contravenes the provisions of section 15(a), 15(1) 18(a) and 151 of the Money Laundering (Prohibition) Act, 2011.

The court granted the defendants bail in the sum of N10 million each, with one surety each in like sum.

He adjourned the case until July 18 for hearing of written address on whether the case will continue.

Meanwhile, the defendants are to be remanded in custody until they perfect their bail conditions.