MAN ARRAIGNED BY EFCC FOR ILLEGAL BANK OPERATIOS

The Economic and Financial Crimes Commission (EFCC) on Wednesday brought one Philemon Gora to a Federal High Court, Abuja for allegedly operating a bank without  valid license.

 Mr Gora was formally accused along with his company, Cash Flow Global Fund Investment on a two-count charge of operating a bank without license and consenting to carry out banking business without valid license

One of the charges read Gora committed an offence contrary to Section 49(1) of the Banks and other Financial Institutions Act and  this crime is punishable under Section 2 of the same act,

Gora pleaded not guilty to the charges stressing the point that he was not guilty because he had a valid license

Mr Alex Marema, his counsel Followed up an oral application for bail, the judge, Justice Ijeoma Ojukwu then admitted him to bail in the sum of N10 million with two sureties in like sum.

The sureties, must be officers, not below grade level 16 and must be resident within the jurisdiction of the court.

The prosecuting counsel, Mr G.K. Latona had objected to the oral application for bail on the ground that the defendant, having stated in the dock that he had a valid license, would continue to keep  the bank in operation if granted bail. Latona also stated to the court that over 60 million Nigerians were customers of the bank with over N2 billion in the bank.

The judge however corrected  that she was mindful to grant Gora bail because she understood his statement that he had a valid license to mean that he was not guilty of the charge and not the other way round. She said that she considered the oral application for bail of the accused in the interest of justice.

Case was adjourned  until Oct. 2 and Oct. 10 for commencement of trial.