Crime
Court Rejects Bid By Briton, Indians To Prevent Arrest, Extradition In Ecobank Fraud
A Federal High Court in Lagos has rejected attempts by three foreign nationals to overturn a bench warrant issued for their arrest and extradition on charges related to a $42.48 million fraud.
The defendants—Indian nationals Prem Garg and Devashish Garg, and Briton Marcus Wade, chairman of Wilben Trade Limited—are accused of defrauding Ecobank Plc.
The allegations stem from a petition filed by Ecobank on October 7, 2022, with the Department of Public Prosecutions (DPP), claiming the trio, along with their companies Wilben Trade Limited in Dubai and Agrico Agbe Limited, secured a $42.48 million loan under false pretenses.
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The loan, granted in 2015, was intended for the importation of rice, but according to the charges brought by the Office of the Attorney-General of the Federation (AGF), the defendants allegedly failed to deliver on their commitments, prompting legal action.
The case, marked FHC/L/562C/2022, includes multiple counts of fraud against the defendants, who have yet to appear in court despite the bank’s efforts to recover the funds.
The charge reads, “That you, Prem Garg, Devashish Garg both of Iand ndian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Ecobank Plc, Lagos within the Jurisdiction of this honourable court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004.
“That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos thin the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Ecobank Plc to deliver monies to the tune of $42,485,900 which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilised the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”
Despite the charges pending against them, the defendants did not show up in court to enter their pleas prompting the Office of the Attorney-General of the Federation (AGF) to seek a bench warrant and extradition order.
In response, the AGF’s lawyer, Pius Akutah, filed an application for these orders, which was granted by presiding judge Akintayo Aluko in November 2023.
However, the defendants, represented by lawyers Dele Belgore and Dada Awosika, subsequently filed motions to overturn the arrest and extradition orders.
This move was contested by the AGF’s counsel, Kehinde Bode-Ayeni, who argued against quashing the orders.
Bode-Ayeni assumed responsibility for the case after Pius Akutah, who is now the Executive Secretary and CEO of the Nigerian Shippers’ Council, transitioned from the role.
In a ruling delivered on Monday, Judge Akintayo Aluko stated that proceedings before a magistrate court in Delhi, India, cannot serve as a “stay” in the ongoing criminal proceedings in Nigeria. He emphasized that the case is not solely a criminal matter but a proceeding under the jurisdiction of a Nigerian court as established by the Nigerian Constitution.
Additionally, Judge Aluko clarified that an order for maintaining the status quo issued by another court does not override the criminal charges pending in his court.
Judge Akintayo Aluko ruled that the applications filed by the defendants “lack merit” and subsequently dismissed both motions. The judge then adjourned the case to October 24 for further proceedings.
Meanwhile, on August 7, a statement circulated online claiming that the Central Bank of Nigeria (CBN) was investigating Ecobank over allegations of abusive proceedings and communications involving Wilben Trade Limited and Marcus Wade.
However, the CBN has denied any investigation into Ecobank.
A former Managing Director of the Warri Refining and Petrochemical Company Limited (WRPC), Jimoh Yisawu, has been granted bail in the sum of ₦500 million by the Federal High Court in Abuja after pleading not guilty to an eight-count charge of alleged money laundering filed against him by the Economic and Financial Crimes Commission (EFCC).
Yisawu was arraigned on Monday before Justice Inyang Ekwo in a case marked FHC/ABJ/CR/361/2026, over allegations that he violated the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
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According to the EFCC, the former refinery boss allegedly indirectly converted more than $789,950, said to be proceeds of unlawful activity, in contravention of Section 18(2)(b) of the Act and punishable under Section 18(3).
The anti-graft agency further alleged that Yisawu made cash payments exceeding $789,950 to one Samaila Bala without using any financial institution, contrary to Nigeria’s anti-money laundering laws.
The commission also accused him of making additional cash payments totalling $122,600 through one Rasheed Olaitan Yusuf, also without routing the transactions through a financial institution.
The defendant, however, pleaded not guilty to all eight counts when they were read to him in court.
Following his plea, defence counsel Wale Balogun (SAN) urged the court to grant his client bail, noting that the EFCC had earlier released him on administrative bail after seizing his international passport.
Balogun appealed to the court to maintain the same bail conditions, arguing that his client needed to prepare adequately for his defence while out on bail.
However, prosecution counsel Ekele Iheanacho (SAN) opposed the application, urging the court to consider the EFCC’s counter-affidavit challenging the defendant’s request for bail.
In his ruling, Justice Ekwo held that the offences contained in the charge were bailable and ruled that Yisawu was entitled to bail.
Relying on Section 162 of the Administration of Criminal Justice Act (ACJA), 2015, the judge granted the former WRPC boss bail in the sum of ₦500 million, with one surety in like sum.
The court ordered that the surety must be a responsible Nigerian with landed property in Abuja and must provide proof of ownership of the property.
Justice Ekwo also directed Yisawu to surrender his international passport and barred him from travelling outside Nigeria without prior approval from the court.
Pending the fulfilment of the bail conditions, the judge ordered that the former refinery chief remain in the custody of the EFCC.
The matter was subsequently adjourned to October 25, 26 and 27, 2026, for the commencement of trial.
Former Minister of Science and Technology, Uche Nnaji, has been granted bail in the sum of N20 million after pleading not guilty to a six-count charge bordering on alleged certificate forgery filed against him by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Nnaji was arraigned on Monday before the Federal High Court in Abuja, where the ICPC accused him of forging academic credentials, including a degree certificate allegedly issued by the University of Nigeria, Nsukka (UNN).
The anti-corruption agency also alleged that the former minister presented a fake National Youth Service Corps (NYSC) discharge certificate during his ministerial screening in 2023.
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The defendant, who served in President Bola Tinubu’s cabinet as Minister of Science and Technology from August 16, 2023, until his resignation on October 6, 2025, denied all the allegations after the charges were read before Justice Joyce Abdulmalik.
Following a bail application by his lead counsel, Chief James Onoja (SAN), the court admitted Nnaji to bail in the sum of N20 million with one surety in like sum.
Justice Abdulmalik ruled that the surety must be a civil servant resident in Abuja and not below Grade Level 15. The court further directed the surety to depose to an affidavit of means.
As part of the bail conditions, the former minister was ordered to surrender his international passport and barred from travelling outside Nigeria without the court’s permission.
The court subsequently adjourned the matter until July 21, 2026, for the commencement of trial.
Nnaji’s arraignment followed his arrest by security operatives at the Nnamdi Azikiwe International Airport, Abuja, on July 1, shortly after returning to the Federal Capital Territory (FCT). The ICPC had earlier confirmed that the arrest was carried out to facilitate investigations into the allegations against him.
The case is expected to proceed with the presentation of evidence when trial begins later this month.
The Economic and Financial Crimes Commission on Wednesday arraigned the immediate past Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, before the Federal High Court in Abuja, over an alleged N1.32bn money laundering scheme linked to the rehabilitation of the state-owned refinery.
Dikko was docked before Justice Inyang Ekwo on a 12-count charge marked FHC/ABJ/CR/360/2026 alongside Masterpiece Projects & Investment Limited.
The former refinery boss, who headed the Port Harcourt refinery from March 2020 for about four years, pleaded not guilty to all the charges.
The EFCC alleged that Dikko laundered the sum of N1,322,839,112.70, said to be proceeds linked to contractors engaged by the Nigerian National Petroleum Company Limited for the rehabilitation of the Port Harcourt refinery, through cash property purchases, undisclosed bank retentions, concealment of funds through third parties and unauthorised foreign exchange transactions.
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According to the anti-graft agency, one of the charges alleged, “That you, Ahmed Adamu Dikko… did directly make cash payment of the dollar equivalent of the sum of N218,375,000 to one Hadeija Bashir for the purchase of Plot 558, Abubakar Umar Street, Katampe Extension, Abuja without passing through a financial institution,” contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission further alleged in count eight, “That you Ahmed Adamu Dikko… on or about the 26th of June, 2023… disguised the origin of the sum of N328,710,337.50 paid into the GTBank Account… operated by Masterpiece Projects & Investment Limited by OMSA Integrated Services Limited from the transactions involving NNPC Limited allocation of Vacuum Gas Oil for export when you knew that the said sum… constituted proceeds of unlawful activity.”
In count 11, the EFCC accused the former refinery boss of unlawfully converting foreign currency, alleging, “That you, Ahmed Adamu Dikko between October 2022 and May 2025, did convert the aggregate sum of $77,080 through Ibrahim Isa Yaro, which amount did not form part of your known lawful earnings as a former public officer with the Nigerian National Petroleum Company Ltd.”
Following his plea, defence counsel, Okechukwu Ajunwa (SAN), urged the court to admit his client to bail pending trial, while EFCC counsel, Ekele Iheanacho (SAN), opposed the application.
In a ruling, Justice Ekwo admitted Dikko to bail in the sum of N150m with one surety in like sum.
The judge held that the surety must reside within the court’s jurisdiction and own landed property valued at not less than the bail sum.
He also directed the defendant to surrender his international passport and ordered that he be remanded in EFCC custody until he fulfilled the bail conditions.
The court subsequently adjourned the matter to October 12, 13 and 14, 2026, for trial.
Courtesy – The Punch
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