EFCC Arraigns Finance Manager of Cetco Oilfields Services Ltd (Akintunde) For N52.2m Fraud in Port Harcourt

The Economic and Financial Crimes Commission, EFCC Wednesday, June 4, 2014 arraigned the Finance Manager, Cetco Oilfields Services Limited, Akintunde Ajao alongside his company, YPSL Nigeria Limited, before Justice Lambo Akanbi of the Federal High Court, Port Harcourt on a 4-count charge bordering on conspiracy, forgery, and obtaining money by false pretence.

 Akintunde allegedly used his office as Finance Manager to prepare a false tax liability for Cetco Oilfields Services Limited to the tune of Seventy Four Million, Nine Hundred and Sixty Three Thousand, Seven Hundred and Twelve Naira, Eighty Kobo (N74, 963, 712: 80).

Under the guise of acting on a directive emanating from the Rivers State Board of Internal Revenue, he remitted the sum of Twenty-Six Million, Eighteen Thousand Naira to the RSBIR as the actual tax liability of the company and diverted the sum of Fifty-Two Million, Two Hundred and Eighty Two Thousand (52, 282, 000:00) to YPSL Limited’s account, a company allegedly promoted by him.
 He pleaded not guilty to all the charges preferred against him and his company when they were read to him.

One of the counts reads, that you Akintunde Ajao being the promoter and sole signatory to the bank account of YPSL Nigeria Limited as well as the Finance manager of Cetco Oilfields Services Nigeria Limited with others now at large between the 27th of July, 2012 and 23rd of August, 2012 in Port Harcourt within the Jurisdiction of this Honourable Court with intent to defraud did obtain the sum of Fifty Two Million Two Hundred and Eighty Two Thousand Naira(N52,282,000.00) from Cetco Oilfields Services Nigeria Limited which said sum you caused to be paid into YPSI Nigeria Limited bank account with account No. 0027435055 domiciled in Trans Amadi Branch of Diamond Bank Plc under the pretext that the money was for the payment of Cetco Oilfields Services Nigeria Limited tax liability to Rivers State Internal Revenue Service, the pretence you knew to be false and thereby committed an offence contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act”.

Another count reads,” that you Akintunde Ajao being the promoter and sole signatory to the bank account of YPSL Nigeria Limited as well as the Finance manager of Cetco Oilfields Services Nigeria Limited with others now at large between the 7th of July, 2012 in Port Harcourt within the Jurisdiction of this Honourable Court did forged a document to wit: revised demand notice for the payment of Seventy Four Million Nine Hundred and Sixty Three Thousand Seven Hundred and Twelve Naira Eighty Kobo(N74,963,712.80) owed Rivers State Government with respect to taxes(Payee and Withholding tax) liability for relevant year dated July 7th, 2012 on the letter headed paper of Board of Internal Revenue, Rivers State with intent that it may be acted upon as genuine which you knew to be false and thereby committed an offence punishable under Section (1)(2)(c) of the Miscellaneous Offences Act CAP M17 of the Revised Edition(Laws of the Federation of Nigeria) Act, 2007”.

In view of his plea, the prosecuting counsel, Ramiah Ikhanaede prayed the court for a date for commencement of trial. The defence counsel, R.E. Wanogho however urged the court to grant the accused bail.
Justice Akanbi granted the accused bail in the sum of Five Hundred Thousand Naira (N500, 000, 00) with two sureties in like sum.

The matter was adjourned till the 26th June, 2014 for trial.

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