THE Economic and Financial Crimes Commission (EFCC) Thursday re-arraigned former managing director of Union Bank Plc, Barthlomew Ebong and five other executives of Falcon Securities Limited, a Subsidiary of Union Bank Plc.
They were arraigned before a Federal High Court Lagos, on a 20 count charge of alleged money laundering.
The accused, Ebong, Henry Onyemem, Niyi Opeodu, and Samuel Anyininuola who were first arraigned before Justice Fatimat Nyarko on April 24, 2009, are charged alongside their company Falcon Securities Limited on 20 count charge of money laundering.
They were re-arraigned before Justice Rita Ofili-Ajumogobia who would now be the trial judge following the transfer of Nyarko, former trial judge, from the Lagos Division.
The prosecutor, Mr. Nkem Okolie had told the court at their arraignment, that the accused were charged with unlawfully granting of loan facilities to themselves without security, above the approved limit, and without lawful authority from the Central Bank of Nigeria (CBN)
He said that the alleged offences contravened section 2(3) (4) of the money laundering (prohibition) act 2004, and punishable under section 2(5) of the same act.
The accused had all pleaded not guilty to the charge at their first arraignment and were granted bail by Nyarko. They had equally pleaded not guilty to the charge at their re-arraignment.
Counsel to the accused, Mr. Mike Oran, had made an oral application for bail of the accused, praying the court to allow the accused persons retain the earlier bail condition granted them by the former trial judge.
The prosecutor Okolie, however, objected to the application of the defence counsel, arguing that their bail had elapsed following their re-arraignment, and so they should not be granted bail.
Okolie added that the accused possessed the tendency to jump bail if granted, and urged the court to refuse the bail application of defence counsel.
In her ruling, Justice Ofili-Ajumogobia over ruled prosecution counsel's submission against the bail application, and ordered that the accused continues with the earlier bail granted by the previous trial judge.
She fixed December 6,2012 for continuation of the trial.
