The Economic and Financial Crimes Commission, EFCC on Wednesday handed over 116 cars and 20 properties in Edo, Rivers and Lagos States recovered from one Michael Obasuyi Osasogie to First Bank Plc.
Trouble began for Osasogie after a petition he wrote to the commission against E-tranzact in March 2018.
The EFCC had, however, investigated Osasogie’s business interests, following receipt of a counter-petition written by e-tranzact against Osasogie and one of his companies, SmartMicro.
SmartMicro was said to have approached e-tranzact in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.
However, e-tranzact had further alleged that the bank, sometime in March 2018, revealed that the settlement account was in debit of N11, 498,944,038.29.
Obasuyi, in his statement to the commission, confessed to have committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate Financial Application from the company.
Consequently, Osasogie was arraigned alongside his firms-Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited on May 24, 2018 before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14 charges bordering on stealing to the tune of N11, 498, 944, 038.29.
During his trial, an investigator with the EFCC, Orji Chukwuma, had told the court how the proceeds of crime were housed in some banks.
In his further testimony, the witness had told the court that when e-tranzact disconnected from the chain, all the transactions carried out by the defendant collapsed on his own account with First Bank, thereby leading to the discovery of the fraud.
The sums of N2, 903,727,563.92, $37, 992.87 and €18,538.09 were recovered by the EFCC from Osasogie’s accounts in various banks in the country.
The commission also recovered 116 cars and 20 properties located in Lagos, Abuja, Benin and Port Harcourt.
The prosecution counsel had, therefore, urged the court to convict the defendant on counts one to 14, according to the law.
The defendant later entered into plea bargain. The prosecution counsel therefore urged the court to consider the plea bargain entered into by the defendant on May 21, 2018 as judgment in his sentencing.
Delivering her judgment, Justice Dada convicted the defendant on all the counts and sentenced him to one-year imprisonment.
The Judge also ordered the forfeiture of defendant’s 116 buses, 20 properties and monies in various accounts to First Bank Plc.