Tuesday, May 17, 2022

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Ex-Bank PHB, Adenmosun, arraigned on or N26.6bn fraud

A former director of Bank PHB (now Keystone), Funmi Adenmosun, was on Friday arraigned at a federal High court in Lagos by the Economic and Financial Crimes Commission (EFCC) for an alleged laundering of N26.6 billion.

Mr Adenmosun was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development before Justice Daniel Osiagor on a 10-count charge bordering on alleged Conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

They pleaded not guilty to all counts.

But, Justice Osiagor granted bail to the defendant in the sum of N250 million with two sureties.

The Court also directed that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.

The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.

The matter has been adjourned to February 25th and and march 4, 2022 for hearing.

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