Court Grants N50m Bail To 2 MTN Employees Accused Of N1.3bn Theft

 

An Ikeja High Court on Wednesday granted bail to two MTN employees, Victor Akintunde and Gani Mustapha, charged with stealing N1.3 billion belonging to the firm’s cooperative society.

 

Akintunde (41) and Mustapha (46) are former President and Secretary of the MTN Employees Multi-purpose Cooperative Society (MEMCOS) respectively.

 

They were charged to court alongside a property developer, Mutairu Babatunde, and two other companies, Primavera Engineering and Construction Ltd and Mabo Dredging Ltd.

 

The defendants are facing a 17-count charge bordering on conspiracy, stealing, issuance of dud cheque and forgery.

 

Justice Kudirat Jose had on Feb.11 remanded the duo in the custody of the Economic and Financial Crimes Commission (EFCC), pending their arraignment.

 

The EFCC counsel, Mr Emmanuel Jackson, had alleged that the defendants conspired to commit the offences between April and September 2009 in Lagos.

 

Jackson said they fraudulently obtained the money as sundry payments to facilitate the purchase of 13 hectares of land at Okun Ajah Community in Lagos, on behalf of MEMCOS members.

 

According to him, the defendants forged the signature of one Chief Atiku Adigun on a deed of assignment to facilitate the fraud.

 

He said they also issued a First Bank cheque in the sum of N427 million in favour of MEMCOS on April 25, 2009.

 

The prosecutor said the cheque was dishonoured when it was presented due to insufficient funds in the account of Mabo Dredging Ltd.

 

Jackson said the offences contravened Sections 390(9), 467 and 516 of the Criminal Code, Laws of Lagos State of Nigeria 2003.

 

He said they also contravened Section 1(1)(a) of the Dishonoured Cheques (Offences) Act, Cap D11, Laws of Federation of Nigeria, 2004.

 

Ruling on the bail application filed by their counsel, Mr George Oguntade (SAN), Jose granted the two defendants N50 million bail each, with two sureties in like sum.

 

She said one of the sureties must be civil servant on grade level 15 or above while the other must own a landed property in Lagos State.

 

According to the judge, both sureties are to depose to affidavit of means and produce three years tax clearance from the Lagos State Government.

 

She subsequently adjourned the matter till March 18 for possible arraignment of the defendants.

 

The News Agency of Nigeria (NAN) reports that Akintunde and Mustapha have yet to be arraigned due to Babatunde’s absence.

NAN reports that the offence of stealing attracts between seven and 20 years imprisonment, if a defendant is convicted.(NAN