Close Menu
Chronicle.ng
    Trending Stories
    PDP pegs senate nomination fee at N3m, releases by-election timetable

    PDP pegs senate nomination fee at N3m, releases by-election timetable

    July 4, 2025
    ADA not yet registered, INEC clarifies amid 2027 election buzz

    INEC receives 12 more requests for political party registration

    July 4, 2025
    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    July 4, 2025
    Facebook X (Twitter) Instagram
    Trending
    • PDP pegs senate nomination fee at N3m, releases by-election timetable
    • INEC receives 12 more requests for political party registration
    • Kidnapped Bayelsa judge regains freedom after 12 days in captivity
    • Peter Rufai: Tinubu mourns legendary Super Eagles goalkeeper ‘Dodomayana’
    • Russia becomes first country to recognise Taliban government in Afghanistan
    • Terrorists amputate Plateau youth during attack on mourners
    • US indicts Nigerian Olatunbosun Osukoya in $14bn healthcare fraud
    • Petrol pricing summit holds 23, 24 July – FG
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Friday, July 4
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    N164m Fraud: EFCC insists Lagos businessman diverted funds

    David GreatBy David GreatMay 17, 20221 Comment2 Mins Read
    Facebook Twitter Telegram WhatsApp
    Fidelis Umukoro was arrested by EFCC for diverting company funds
    Fidelis Umukoro was arrested by EFCC for diverting company funds
    Facebook Twitter WhatsApp

    The Economic and Financial Crimes Commission, EFCC, has insisted that a Lagos businessman, Fidelis Umukoro, facing trial in an alleged N164 million fraud , diverted funds from A& P Foods Limited to other companies without being lawfully authorised to do so.

    Counsel to the EFCC, T. J. Banjo, on Monday, May 16, 2022 told Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos, that Umukoro allegedly diverted the funds when he was the authorised signatory to the account of A& P Foods Limited.

    While being cross-examined on Monday, the prosecution alleged that the defendant diverted the funds to Raremax Global Investments Limited, where he was a former Managing Director, and to other companies in which he had interest in.

    Umukoro was in the dock to defend himself as a defence witness, and was confronted with several portions of the statements he made to the EFCC in the course of the investigation into the alleged offence.

    Specifically, he was made to read from his statements in part thus: “I am the MD of Raremax Global Investments Limited… The funds of N164.8 plus million were paid in piecemeal and direct for project which was owned by my related companies…”. His statements were admitted by the court as Exhibit P3.

    • EFCC arrests Accountant General, Idris Ahmed, over N80bn fraud

    After the cross-examination, defence counsel, P.O. Ogunnubi, informed the court that he was closing its case.

    Umukoro was arraigned by the Economic and Financial Crimes Commission, EFCC, on February 11, 2020 alongside Raremax Global Investments Limited, a company linked to him, on a six-count charge bordering on conspiracy and stealing.

    One of the counts read: “Fidelis Umukoro and Raremax Global Investments Limited, sometime in the month of March 2018 to April 2019 at Lagos, within the Ikeja Judicial Division, conspired among yourselves to steal the total sum of N164,960,829 (One Hundred and Sixty-four Million Nine Hundred and Sixty Thousand Eight Hundred and Twenty Nine Naira Only) property of A & P Foods Limited.”

    He pleaded “not guilty” to the charges, prompting the commencement of his trial.

    Umukoro, had, through his counsel, filed a no-case submission, after the prosecution had closed its case. However, the trial judge dismissed the no-case submission as lacking in merit and also ordered the defendant to open his defence.

    Justice Dada adjourned the matter to July 13, 2022 for “adoption of final written addresses”.

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    PDP pegs senate nomination fee at N3m, releases by-election timetable

    PDP pegs senate nomination fee at N3m, releases by-election timetable

    ADA not yet registered, INEC clarifies amid 2027 election buzz

    INEC receives 12 more requests for political party registration

    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    Super Eagles legend Peter Rufai is dead

    Peter Rufai: Tinubu mourns legendary Super Eagles goalkeeper ‘Dodomayana’

    Russia becomes first country to recognise Taliban government in Afghanistan

    Russia becomes first country to recognise Taliban government in Afghanistan

    Suspected Fulani militia terrorists on Wednesday attacked some mourners in the Rim community of Plateau State and amputated one of the youths.

    Terrorists amputate Plateau youth during attack on mourners

    View 1 Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    PDP pegs senate nomination fee at N3m, releases by-election timetable

    PDP pegs senate nomination fee at N3m, releases by-election timetable

    July 4, 2025
    ADA not yet registered, INEC clarifies amid 2027 election buzz

    INEC receives 12 more requests for political party registration

    July 4, 2025
    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    Kidnapped Bayelsa judge regains freedom after 12 days in captivity

    July 4, 2025
    Super Eagles legend Peter Rufai is dead

    Peter Rufai: Tinubu mourns legendary Super Eagles goalkeeper ‘Dodomayana’

    July 4, 2025
    Russia becomes first country to recognise Taliban government in Afghanistan

    Russia becomes first country to recognise Taliban government in Afghanistan

    July 4, 2025
    Facebook X (Twitter) Instagram
    • Politics
    • News
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.