A Kaduna High Court, presided over by Justice M.T.M Aliyu, has convicted a banker, Balogun Olaitan, and his company, Disok International Limited, for fraud.
A statement today by the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said Olaitan was sentenced to eight years imprisonment.
The statement added that the second accused, Disko International Limited, was fined N50,000 on each of the five counts.
Uwujaren said the EFCC prosecuted Olaitan on a six counts of obtaining money to the tune of N12m by false pretences, which contravened Section 1 (1) and punishable under section 3 of the Advance Free Fraud and other Fraud Related Offences Act, 2006.
He also said that the presiding judge, who convicted and sentenced Olaitan on Monday, convicted him on five counts and discharged him and his firm on one count.
The said the sentences, carrying eight years each, would run concurrently.
The EFCC spokesperson explained that prior to Olaitan’s arrest by the EFFC and his prosecution, the convict operated a ‘wonder bank’, which specialised in obtaining money from unsuspecting members of the public with a promise to give them attractive returns.
Uwujaren said when the convict failed to fulfill his promises, the aggrieved victims petitioned the EFCC, which waded into the matter.