Two men, Chester Ukandu and George Achi on Tuesday, appeared before a Federal High Court in Lagos, over alleged impersonation as Directors of Mainstreet Bank Registrars Ltd.
The accused are charged by the Economic and Financial Crimes Commission (EFCC), on two counts of false representation as Directors of the said bank.
They however, pleaded not guilty to the charge.
After their arraignment, the prosecutor, Mr Ayokunle Fayaju urged the court to remand the accused in custody pending trial. He argued that this was considering the nature of the offence levied against the accused and their likelihood of jumping bail.
Meanwhile Defence Counsel, Mr Samuel Agwe who had earlier filed a bail application before the court, sought for permission to withdraw same. He opted to make an oral application for the bail of the accused persons instead. This was not opposed by the prosecution.
Moving his application, he urged the court to grant the accused bail on liberal terms. He said that the first accused was a reputable stakeholder in the Nigeria’s capital market and also the chairman of a Micro finance bank. He also said that the second accused was a respected Nigerian citizen who will not jump bail, and urged the court to grant them favourable bail conditions.
In his ruling, Justice Mohammed Aikawa granted the accused bail in the sums of N20 million each, with one surety each in like sum. The court held that the sureties must be owners of landed properties in either Victoria Island, Ikoyi, Lekki or Ikeja areas of Lagos, who must deposit the original certificate of occupancy to the properties, to the Deputy Chief Registrar of the Court.
The judge added that the accused shall report to the office of the EFCC on the first Monday of every month until the court decides otherwise, or until the end of the matter.
He further added that both accused shall sign undertakings not to delay trial of the case.
Aikawa however, ordered the remand of the accused in prison custody pending the perfection of their bail terms.
He adjourned until Dec. 12 for trial.
In the two count charge, the accused were said to have committed the offence on Feb. 14.
The EFCC alleged that both accused falsely held themselves out as Directors of Mainstreet Bank Registrars Ltd, through a letter dated Feb. 14.
According to the Commission, the said letter was addressed to the Manager, Skye Bank Plc. Illupeju with the Caption “Appointment of New Signatories to the Account of Mainstreet Bank Registrars Ltd”.
The prosecution also alleged that the accused also falsely presented another letter to the Director General of the Securities and Exchange Commission Garki Abuja, with the caption “Notification about the change in the Board and Management of Mainsteet Bank Registrars Ltd.
The offences are contrary to the provisions of sections 244 (1) of the Company and Allied Matters Act, Cap C20, Laws of the Federation, 2004 .