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The Federal High Court in Lagos on Thursday jailed a businessman, Mr Kemi Adeloye, for seven years for operating a financial institution without the approval of the Central Bank of Nigeria (CBN).
Adeloye was convicted of five counts alongside his company, AG Moeller Nigeria Limited.
Justice Okon Abang, who convicted and jailed the businessman, said ignorance was not an excuse in law.
Adeloye and his firm were arraigned on five counts by the police, who accused them of fraudulently obtaining N80m from the Chairman of Cross Country Limited, Bube Okorodudu, between March 2007 and January 2010.
The police claimed that Adeloye and his firm obtained the money from Okorodudu “in excess of the capital sum of N140m advanced to him (Okorodudu) through the medium of a contract of finance lease facility, induced by false pretences.”
The prosecution alleged that the defendants “transacted financial business without a valid licence by the Central Bank of Nigeria and thereby committed an offence punishable under Section 517 of the Criminal Code Act, Cap C38, laws of the Federation of Nigeria, 2004.”
The police also accused them of violating Section 1 (a-c) and Section 1(2) of the Advanced Fee Fraud and other Fraud Related Offences Act 2006.
In his judgment on Thursday, Justice Abang said the prosecution proved its case against the defendants beyond reasonable doubts.
He held, “In their defence, there is no dispute over the allegation of operating a financial business without a valid Central Bank of Nigeria licence, because Olukemi confirmed under cross-examination that their operation of a financial business was being done without a licence from the appropriate authority, which is CBN.
“Besides, there is no contradiction on all the exhibits tendered by the prosecution to prove their case, most especially the 2002 CBN Guidelines for Financial Business Operations.
“With all the evidence and exhibits before the court, there is no doubt that the accused are guilty of the offences preferred against them by the prosecution.”
Adeloye was convicted of five counts alongside his company, AG Moeller Nigeria Limited.
Justice Okon Abang, who convicted and jailed the businessman, said ignorance was not an excuse in law.
Adeloye and his firm were arraigned on five counts by the police, who accused them of fraudulently obtaining N80m from the Chairman of Cross Country Limited, Bube Okorodudu, between March 2007 and January 2010.
The police claimed that Adeloye and his firm obtained the money from Okorodudu “in excess of the capital sum of N140m advanced to him (Okorodudu) through the medium of a contract of finance lease facility, induced by false pretences.”
The prosecution alleged that the defendants “transacted financial business without a valid licence by the Central Bank of Nigeria and thereby committed an offence punishable under Section 517 of the Criminal Code Act, Cap C38, laws of the Federation of Nigeria, 2004.”
The police also accused them of violating Section 1 (a-c) and Section 1(2) of the Advanced Fee Fraud and other Fraud Related Offences Act 2006.
In his judgment on Thursday, Justice Abang said the prosecution proved its case against the defendants beyond reasonable doubts.
He held, “In their defence, there is no dispute over the allegation of operating a financial business without a valid Central Bank of Nigeria licence, because Olukemi confirmed under cross-examination that their operation of a financial business was being done without a licence from the appropriate authority, which is CBN.
“Besides, there is no contradiction on all the exhibits tendered by the prosecution to prove their case, most especially the 2002 CBN Guidelines for Financial Business Operations.
“With all the evidence and exhibits before the court, there is no doubt that the accused are guilty of the offences preferred against them by the prosecution.”
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