KEYSTONE BANK, NULEC ARRAIGNED FOR STEALING N2.231 BILLION

Emmanuel Thomas

Nigeria, Oct 4, 2016 – The Economic and Financial Crimes Commission(EFCC) today arraigned Keystone Bank Limited and NULEC Industries for converting and stealing the sum of N2.231 billion, property of Dozzy Oil and Gas Limited.

The bank and NULEC were arraigned on a 10 count charge of stealing and conversion of the total sum of N2.231 billion, property of Dozzy Oil and Gas Limited.

Arraigned along with the bank and NULEC are Anayo Nwosu, Ashok Israni, Olajide Oshodi and Sunny Obazee over alleged stealing by conversion the sum of N285m, property of Dozzy Oil and Gas Limited.
They were arraigned on 10 count amended charge in suit number ID/112C/2012 before Justice Kudirat Jose of a Lagos High Court sitting in Ikeja.

The counts reads that you Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited between 14 July and 31st July 2008 in Lagos within the jurisdiction of this Honourable Court did fraudulently convert to your use, the sum of N285, 000, 000.00 (Two Hundred and Eighty-Five Million Naira) being the property of Dozzy Oil and Gas Ltd, when you credited the account of NULEC with the said sum to defray its debt owed to Bank PHB Plc as against paying the sum into the Private Placement Account of NULEC which sum was to be used as payment for the purchase of shares of NULEC Industries Limited under a Private Placement.

“Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited between 14 July and 31st July 2008 in Lagos within the jurisdiction of this Honourable Court did fraudulently convert to your use, the sum N145, 000, 000.00 (One Hundred and Forty-Five Million Naira) being the property of Dozzy Oil and Gas Ltd, when you transferred the sum into the account of NULEC Industries Ltd with Guarantee Trust Bank as against paying the said sum into the Private Placement Account of NULEC which sum was to be used as payment for the purchase of shares of NULEC Industries Limited under a Private Placement.

“Anayo Nwosu and Olajide Oshodi, between June and September 2008 in Lagos within the jurisdiction of this Honourable Court did fraudulently convert to your own use, the sum of N110, 000,000.00 (One Hundred and Ten Million Naira) being the property of Dozzy Oil and Gas Ltd. When you received the said sum through the account of Drillcom Investment W/A Limited as premium charge of N1.10 per share as payment for the purchase of shares of NULEC Industries Limited under a Private Account.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum wherein you stated that in a material particular at Page 8 thereof that the company would take necessary steps to list its shares on the floor of the Nigerian Stock Exchange immediately after the Private Placement has been concluded but which statement is to your knowledge false.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum wherein you stated that in a material particular at Page 7 thereof that only 31.4% of N415, 000, 000.00 (Four Hundred and Fifteen Million Naira) of the proceeds would be used for loan repayment but which statement is to your knowledge false.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum wherein you stated that in a material particular at Page 7 thereof that 1.8% or N25, 000, 000.00 (Twenty Five Million Naira) of the proceeds would be used for local supply payment but which statement is to your knowledge false.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum wherein you stated that in a material particular at Page 7 thereof that 24.21% or N320, 000, 000.00 (Three Hundred and Twenty Million Naira) of the proceeds would be used for foreign supply payment but which statement is to your knowledge false.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum wherein you stated that in a material particular at Page 7 thereof that 6.2% or N82, 000, 000.00 (Eighty Two Million Naira) of the proceeds would be held in reserve but which statement is to your knowledge false.

“NULEC Industries Limited and Ashok Israni being a director of NULEC Industries Limited between June and September 2008 within the jurisdiction of the Honourable Court with intent to induce Dozzy Oil and gas Ltd to buy the shares of NULEC Industries Limited published a written statement, to wit: a Private Placement Memorandum which in a material particular is to your knowledge false by refusing to state in the Private Placement Memorandum that 9.6% or N104, 000, 000.00 (One Hundred and Four Million Naira) of the proceeds would be used for new purchases but which statement is to your knowledge false.

“Anayo Nwosu, Ashok Israni, Olajide Oshodi, Sunny Obazee, Bank PHB Plc/Keystone Bank Ltd and NULEC Industries Limited sometime in 2008 within the jurisdiction of this Honourable Court conspired to an offence to wit; obtaining the sum of N855, 000, 000.00 (Eight Hundred and Fifty-Five Million Naira) from Dozzy Oil and Gas Ltd, on the false pretence that NULEC Industries Limited was in active profit making manufacturing and trading activities thereby purporting same to be payment for the purchase of shares of the said NULEC Industries Limited under a Private Placement.

However, all the defendants pleaded not guilty to the charge. The court adjourned until December 13, 2016.