Banking & Finance
Court Denies Request To Quash Arrest Warrant, Extradition For 3 Foreigners Accused Of $42.4m Ecobank Fraud
Lagos Federal High Court has dismissed the applications filed by two Indian nationals, Prem Garg, and Devashish Garg and a Briton, Marcus Wade, to quash a bench warrant issued for their arrest and extradition, issued against them on alleged USD 42,485,900 million Ecobank Fraud, for lacking in merit.
The two Indians, the Briton who is the Chairman of Wilben Trade Limited, Dubai, and their companies; Agrico Agbe Limited, and Wilben Trade Limited, Dubai, are being charged before the court by the office of the Attorney-General of the Federation (AGF) for allegedly defraud Ecobank Plc of the sum of $42,485,900 million, with the pretence of using the of money to purchase and import into India parboiled rice Nigeria.
Counts one and four against the defendants in the charge marked FHC/L/562C/2022, dated October 7, 2022, reads, “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.
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Sometime in May and September 2015 at Ecobank Plc, Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence thereby committing an offence punishable under Section 422 of the Criminal Code Act, Cap C38 Laws of the Federation of Nigeria, 2004.
“That you, Prem Garg, and 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.
Extradition For 3 Foreigners Accused Of $42.4m Ecobank Fraud
Lagos within 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. 00 (forty-two Million, Four Hundred and Eight Five Thousand, Nine Hundred US Dollars) which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilized 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.”
However, while the charge is pending, the defendants did not appear in court to take their pleas on the charges. The development made the office AGF, through its lawyer, Dr Pius Ukeyima Akutah, now Executive Secretary/Chief Executive Officer (CEO) of the Nigerian Shippers Council, to file applications before the court for issuance of a bench warrant and possible extradition against them.
The application was granted by Justice Akintayo Aluko, sometime in November 2023.
But the defendants, through their lawyers, Dele Belgore and Dada Awosika (both Senior Advocate of Nigeria), filed applications to quash the orders for their arrest and extradition.
The application was conspicuously countered by the AGF through its lawyer, Mrs Kehinde Bode-Ayeni, who inherited the case file from Dr. Akutah.
Delivering the ruling on the defendants’ applications and the counters filed by the AGF, today, Justice Aluko after reading through all the processes filed and authorities cited, decided all the issues raised against the defendants in favour of the AGF.
In the final analysis, Justice Aluko held that “there is no merit applications filed by the defendants. The two applications lack merit and same are dismissed.”
The matter has been adjourned to October 24, for further report and proceedings.
