EFCC arraign 2 firms on alleged N47.9m, $300,000 retention fraud

The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two companies, JBA Advisory Ltd. and Platform Capital Investment Partners Ltd over alleged fraudulent retention of funds totaling N47.9 million and $300,000.

EFCC arraigned the two companies before Justice Olubusola Okunuga on two-count charge bordering on retention of stolen property.

One of the counts read that JBA Advisory Ltd between Aug. 4 and Nov. 23, 2023, dishonestly retained N47.9 million in its Providus Bank account.

EFCC alleged the amount of money belonged to Dargos Homes Investment Limted.

The second count accused Platform Capital Investment Partners Ltd. of dishonestly retaining $300,000 on Sept. 30, 2022.

The commission submitted that the funds were allegedly retained in the company’s Zenith Bank domiciliary account, also property of Dargos Homes Investment Limited.

JBA Advisory Ltd was represented in court by its Managing Director, Mr Akintola Adesanmi-Ayodele and the company pleaded guilty to the charge.

Platform Capital, represented by its Chief Operating Officer, Mr Adesolabomi Adedeji, however, pleaded not guilty.

Following the not guilty plea, the prosecutor, Ms Hannatu Kofar-Naisa, called EFCC operative, Mr Lawal Hamza, as a witness to review the facts of the case against JBA Advisory Ltd.

The prosecution thereafter tendered several documents in evidence before the court.

Kofar-Naisa also requested a trial date to continue the matter against Platform Capital Investment Partners Ltd.

According to EFCC, the offence contravenes Section 328 of the Criminal Law of Lagos State, 2015.

Justice Okunuga adjourned the case to June 17 for a report on the plea bargain sought by the first defendant and the commencement of trial in respect to the second defendant.