Police Arraign Lawyer For Diverting Company’s N50m (pictured)

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Mrs. Ifeyinwa Morah

The police in Lagos have arraigned a former director of IT Bureau De Change Limited, Mrs. Ifeyinwa Morah, before an Apapa Magsitrates’ Court for allegedly diverting N50m owned by the firm into a private account.

PUNCH Metro learnt that Morah, who is also a lawyer, headed the company’s Business Development till June 2015 when she was relieved of the position.

She was said to have withdrawn the money from the Fidelity Bank account used by the company on June 18 and deposited same to a Zenith Bank account given as 1000845723. It was learnt that the money had yet to be recovered from the suspect.

The police said the 40-year-old lawyer upon her resignation, left with the company’s Certificate of Incorporation, Memorandum and Articles of Association, forms on particulars of directors, statement of share capital, operational licence, among others.

She was subsequently arrested and charged on two counts bordering on fraud to which she pleaded not guilty.

The charges read, “That you, Ifeyinwa Morah, on June 18, 2015 at Apapa in the Apapa Magisterial District, having resigned your appointment with IT Bureau De Change (Intl) Limited on June 15 as a director, stole the sum of N50m from the company by transferring same from the company’s account number: 4010765293 with Fidelity Bank Plc to Zenith Bank Plc account 1000845723 maintained by one Francis Ogboro.

“That you, on the same date, time and place in the aforementioned magisterial district did unlawfully remove the company’s Certificate of Incorporation, original Memorandum and Articles of Association, Form CAC (particulars of directors), operational licence in a manner likely to interfere with the usage and thereby committed an offence punishable under Section 338 of the Criminal Law of Lagos State, 2011.”

The accused was first arraigned on September 9, 2015 and was granted bail in the sum of N10m with two sureties in like sum by the presiding magistrate Mr. T. Abolarinwa.

Abolarinwa added that “Evidence of gainful employment must be provided by the sureties and one of them must be a blood relation. The surety must own a property worth N50m and it must be within a prime area within Lagos State. The sureties’ statements of account and their addresses must be verified by the prosecutor.”

The defence counsel last Thursday, when the hearing of the case was to commence, asked the court for adjournment on the grounds that she had just been told to take over the matter, adding that she needed time to prepare her defence.

The magistrate granted her request and adjourned the matter till January 20 and 27, 2016 for hearing on the matter.


Source: http://punchng.com/2015/10/2071