HOW BADAGRY PRINCE USED EKO BANK PLC TO DEFRAUD FAMILY OF N500 MILLION

IKEJA, Lagos, Nigeria – Semasa James, the Prince of Kweme Land in Badagry, Lagos has been re-arraigned before an Ikeja Special Offences Court for defrauding the estate of his late father Oba Afolabi James and leasing the late king’s property to Ecobank Plc. Semasa was initially arraigned April 10, 2018 on two-count charge of of stealing and forgery. He denied the charges, even as two witnesses have testified against him in court.

At today’s proceedings, Semasa was re-arraigned alongside Afolabi Kazeem, whom the Special Fraud Unit (SFU) of the Nigerian Police Force, alleged to be an accomplice. In the fresh charge, Semasa is charged with stealing, forging of company resolution and fraudulent disposal of trust property and forgery. Kazeem and the prince were jointly charged with conspiracy to defraud and cheating. They however, plead not guilty to the seven-count charge.

According to Mr O. O Olabisi, the prosecutor for the SFU, the prince fraudulently converted 500 Million property belonging to the late king between 2000 and 2017 in Lagos.

“The defendant had 2011, forged the resolution of a company called CAJ Industrial Enterprises dated Nov. 28, 2011. He had purported that the resolution was signed by his father, who was one of the directors of the company meanwhile his father died 9 years earlier on January 30, 2002.

“The defendant had forged the resolution with the intent that it will be acted upon as genuine to the prejudice of any person,” he said. The prosecutor noted that Semasa had fraudulently sold a property belonging to his late father’s estate to a private individual and illegally leased another property to Ecobank Plc.

“On about November 2004, with intent to defraud, Semasa converted the property located at Plot 1440, Ilesanmi St., Itire Road, Surulere belonging to the estate of his late father by selling the property to Mrs Saidat Taiwo without approval.

“On about July 2005 in Lagos, he fraudulently converted the property at Plot 282 Ajose Adeogun St., Victoria Island, Lagos by leasing it to the defunct Oceanic Bank Plc now Ecobank Plc,” the prosecutor said. Olabisi also revealed Kazeem’s alleged role as an accomplice in defrauding the late king’s estate.

“Sometime in 2017 in Lagos, Semasa and Kazeem fraudulently tricked and cheated the beneficiaries of the late king of N150 million which was part of the proceeds of sale of a property located at Dideolu Estate, Victoria Island, Lagos,” he said.

The prosecutor noted that Semasa had also forged a purchase receipt dated Nov. 15, 2004 and an undated deed of assignment between himself, Bolarinwa James, Mrs Alakija (nee James), Hon. Justice Adebayo Adeniji and Mrs Saidat Taiwo.

Semasa according to the prosecution, had purported that the receipt of payment and deed of assignment were signed by Bolarinwa James, Mrs Alakija (nee James) and Hon. Justice Adebayo Adeniji with the intent that it will be acted upon as genuine to the prejudice of other persons.

The offences contravene Sections 383(1), 383(2)(f), 390(9), 421,434, 465 and 467 of the Criminal Code, Laws of the Federation of Nigeria 2004. Following their plea, Justice Oluwatoyin Taiwo ordered admitted Semasa to continue with his previous administrative bail.

She however ordered that Kazeem be released to the custody of Mr Martin Oyigbo, his defence counsel who must ensure that he attends court proceedings.

“I release him into your custody and you must write an undertaking to the effect that he will attend court proceedings. The second defendant will not be allowed to leave the court premises today until the undertaking is written,” she said. Justice Taiwo adjourned the case until Nov. 19 for trial.