‘Fraud of 26.6 billion naira’: EFCC arrests former director of PHB Bank


The Economic and Financial Crimes Commission (EFCC) on Friday docked a former director of PHB Bank (now Keystone), Funmi Adenmosun, before a Federal High Court sitting in Lagos for alleged fraud of N26.6 billion.

Adenmosun was moored alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited, before Judge Daniel Osiagor.

The defendants face a criminal charge of 10 counts of conspiracy, money laundering and fraudulent conversion of the proceeds of a private placement raised from the public on behalf of Investments & Allied Assurance Plc.

Adenmosun has pleaded not guilty to all charges.

EFCC prosecutor Rotimi Oyedepo therefore requested a trial date and urged the court to place him in the custody of the Nigerian Correctional Service (NCoS) until the charge is determined.

However, Adenmosun’s attorney, Wale Adesokan, Senior Advocate of Nigeria (SAN), informed the court that a bail application dated January 13, 2022 had been filed and served on the prosecution.

He urged the court to hand over Adenmosun to him, assuring the court that he would still deal with his case.

But Judge Osiagor denied the request and granted the accused bail in the amount of N250 million with two sureties.

The court ordered that one of the sureties be a level 15 officer in a federal or state department, while the other surety must be a blood relative of the defendant and a landowner in the jurisdiction.

The court further ordered that he be placed in the custody of the EFCC pending the perfection of his bail application.

The matter was adjourned to February 25 and March 4, 2022 for hearing.


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