The Economic and Financial Crimes Commission, EFCC, Thursday arraigned a former accountant with oil major, Chevron, Mr Michael Adenuga, before an Ikeja High Court over an alleged fraudulent conversion of landed property worth N5 billion.
Michael and his company, Covenant Apartment Ltd were alleged to have fraudulently converted a 22.68 hectares of land located in the Lekki area of Lagos, western Nigeria, which he jointly owns with a Switzerland company, to his personal use. The property is valued at N5 billion.
The EFCC also alleged that the defendant forged a Lagos State land sales document alleging that the said land had been sold to him by the Swiss firm.
The commission claimed that the defendant had tendered the document before its officials at its Lagos office with the intent to deceive them.
Adenuga pleaded not guilty to the three-count charge when it was read to him in the open court.
The defendant’s lawyer, Ehis Badmus, told the court that he had already filed a bail application on behalf of his client and begged the court to remand him in the EFCC custody.
He argued that his client is diabetic and has High Blood Pressure and that remanding him in the Kirikiri prisons would further worsen his condition.
Presiding Judge, Justice Sedoten Ogunsanya turned down the request and ordered that both parties should return to the court on 21 May to argue the bail application.