30th September, 2015
AKIN KUPONIYI
A Federal high court sitting in Lagos, southwest Nigeria, has adjourned till 8 October, 2015, the arraignment of a Lagos businessman, Dr Chidi Barns Okpaluba and his company Quartermasters Limited alleged to have swindled another Lagos businessman Prince Kalu Otisi to the tune of N131 million.
When the matter was mentioned Wednesday, the accused businessman was not present in court neither was the Economic and Financial Crimes Commission (EFCC)’s prosecuting counsel present.
In a 13-count criminal charge number FHC/L/288C/15 dated 14 July, 2015 signed and filed before the court by Deputy Chief Prosecutor/Legal Officer of EFCC, E.A. Jackson, it was alleged that Dr Chidi Barns Okpaluba and Quartermasters Limited between December 2008 and January, 2009 with intent to defraud, obtained N131 million from SouthGlobe Ltd and Konex Associates.
The said f acility was allegedly obtained through Prince Kalu Otisi by falsely representing that Quartermasters Limited had 135 million ordinary shares for sale to interested members of the public at N1.80k per share, as private placement, out of which, he agreed to have 73,291,013. Shares to sell to Kalu Otisi for the amount obtained from him.
It was also alleged that he falsely represented that the money obtained from him as payments for the shares would be retained in Keystone Bank pending the allotment of the shares to him, and thereby committed an offence contrary to and punishable under section 1(3) of Advance Fee Fraud and Other Related offences Act 14 of 2006.
It was further alleged that Dr Chidi Barns Okpaluba between December, 2008 and December, 2009 in Lagos, being an officer of an existing company known as Quartermasters Limited, published a statement about the said company, and with intent to induce Prince Kalu Otisi to become a member of the company, knowingly and falsely stated that the said Quartermasters Limited had 135 million ordinary shares of N1.80k per share for sale to interested members of the public as a private placement, whereas as at the time of the said publication, the share capital of the company was 100,000 which had already been fully subscribed for by him, his wife and others and thereby commited an offence contrary to and punishable under section 436(b) of the Criminal code Cap 38, Law of the Federation of Nigeria.
Dr Chidi Okpaluba,same time and place was also accused of stealing and fraudulent conversion of a total sum of N131,923,823, an offence contrary to and punishable under sections 383(1), (2 f) and 390 (9) of the Criminal Code.
The criminal charge filed against the accused businessman was sequel to a petition written by a Lagos lawyer, Barrister Ken Ahia to EFCC on behalf of another Lagos businessman, Prince Kalu Otisi, complaining about how the sum of N131 milion was allegedly obtained from him by Dr Chidi Okpaluba to invest in a company that was found not to be incorporated in accordance with the laws of Nigeria and all the funds raised and invested in the said company have been grossly misappropriated by the accused.