EFCC arraigns man for issuing $1.6m dud cheque

The Economic and Financial Crimes Commission, EFCC, on January
21, 2019, arraigned one Ayodeji Ibrahim Oluokun along with his
company, Peak Petroleum Industry Nigeria Limited, before Justice
Oluwatoyin Taiwo of the Special Offences Court sitting in Ikeja on
a two-count charge bordering on issuance of dud cheques to the tune
of $1.6 million.

The offence is contrary to Section 1(1) (b) of the Dishonoured
Cheques (Offences) Act, Cap D 11 Laws of the Federation of Nigeria,
2004.

The defendant was alleged to have approached the Managing
Director and Chief Executive Officer of GOSL Nigeria Limited,
Emmanuel Ekpeyong, for a loan of $1 million and $666,666
respectively to enable him carry out operation activities in his
company’s oil field in Bayelsa State.

He was said to have assured the complainant that he would repay
the money within a year.

The defendant allegedly issued two post-dated Standard Chartered
Bank Nigeria Limited cheques dated June 26, 2014 for the sum of $1
million and $666,666 respectively.

However, when the cheques were presented for payment, they were
returned due to insufficient funds.

One of the charges read: “That you, Ayodeji Ibrahim Oluokun and
Peak Petroleum Industry Nigeria Limited, on or about 26th June,
2014, at Lagos within the Ikeja Judicial Division issued a Standard
Chartered Bank Nigeria Limited Cheque dated 26th June, 2014 for the
sum of $1,000,000 (One Million Dollars) only payable to GOSL
Nigeria Limited, which when presented for payment was dishonoured
on the grounds that no sufficient funds were standing to the credit
of the account on which cheque was drawn.”

The second count reads: “That you, Ayodeji Ibrahim Oluokun and
Peak Petroleum Industry Nigeria Limited, on or about 26th June,
2014, at Lagos within the Ikeja Judicial Division issued a Standard
Chartered Bank Nigeria Limited Cheque dated 26th June, 2014 for the
sum $666,666 (Six Hundred and Sixty-Six Thousand, Six Hundred and
Sixty-Six Dollars only) payable to GOSL Nigeria Limited which when
presented for payment was dishonoured on the grounds that no
sufficient funds were standing to the credit of the account on
which cheque was drawn.”

When the charges were read to the defendant, he pleaded “not
guilty”.

In view of the defendant’s plea, the prosecuting counsel, Ocholi
Atta, asked the court for a trial date and also prayed the court to
remand the defendant in prison custody pending the determination of
the case before the court.

However, counsel for the defendant, E.O. Yoroh, informed the
court that he filed an application for bail on behalf of his client
“this morning” because he was briefed about the matter
“yesterday”.

He, therefore, prayed the court to hear the application and
admit his client to bail.

Ocholi, however, objected to the prayer of the defence on the
grounds that he had yet to be served with the application.

He urged the court to give the prosecution some time to go
through the application when served and also prayed the court to
remand the defendant in prison custody.

After listening to both parties, Justice Taiwo adjourned the
matter to January 28, 2019 for “determination of the defendant’s
bail application” and ordered the defendant to be remanded in the
EFCC custody.