How Two Men Defrauded Ecobank Of N210million In Warri

Stanley Odjighere and Igho Timothy Okpekereke, who in
2014 defrauded a new generation bank of N210million,
have pleaded guilty to a 2-count charge on money
laundering brought against them by the Economic and
Financial Crimes Commission before Justice M.S
Abubakar of the Federal High Court, sitting in Warri, Delta
State.

The duo sometime in 2014 at the Ecobank PLC Oghara
branch, in Delta State, cashed on a system glitch leading
to malfunctioning of the Quickteller facility in the bank’s
ATM to defraud the banks by transferring monies to
several accounts. All the transactions involved were failed
transactions but the monies transferred were not reversed
from the customer’s accounts.
Over Two Hundred and Ten Million Naira was transferred
into their First Bank accounts, which they laundered
through other peoples bank accounts and later converted
to their personal use.
Count one of the charge reads, “that you Stanley
Odjighere, Michael Jesuovomine Edoja (now at large) and
others at large sometime in 2014 at Oghara, Delta State,
within the jurisdiction of this honorable Court, did transfer
and convert to your use over N130,753,674.09 (One
Hundred and Thirty Million Seven Hundred and Fifty Three
Thousand Six Hundred and Seventy Four Naira Nine
Kobo) only, being money you fraudulently stole from
Ecobank and which said sum you applied same into the
purchase of cars, plot of land and development thereof,
with the aim of disguising the illegal origin of the money
and thereby committed an offence contrary to section 15
(1) (a) of the Money Laundering (Prohibition) Act No. 11,
2011 (as amended) and punishable under section 15 (2) of
the same Act”.
Count two reads, “that you Igho Timothy Okpekekereke,
Michael Jesuovomine Edoja (now at large) and others now
at large sometime in 2014 at Oghara, Delta State, within
the Jurisdiction of this Honorable Court , did transfer and
convert to your use over N87, 299,000.00 (Eighty Seven
Million Two Hundred and Ninety Nine Thousand Naira )
only, being money you fraudulently stole from Ecobank
and which said sum you applied same into the purchase
of cars, plots of land and development thereof, with the
aim of disguising the illegal origin of the money and
thereby committed an offence contrary to section 15 (1)
(a) of the Money Laundering (Prohibition) Act No. 11,
2011 (as amended) and punishable under section 15 (2) of
the same Act”.
In view of their plea, the prosecution counsel, G. O Edobor
asked for a date for the review of the case and
sentencing.
Justice Abubakar adjourned the matter to January 15,
2016 for sentencing of the defendants and ordered that
they be remanded in prison custody.
Source: PM News