Firm, director sued for allegedly misappropriating N29.2m research fund

Firm, director sued for allegedly misappropriating N29.2m research fund

The Economic and Financial Crimes Commission (EFCC)on Thursday arraigned Olumuyiwa Oke, a director, and his company, Webhaphtic Intelligence Ltd before the High Court of the Federal Capital Territory (FCT) in Gwagwalada, Abuja.

They are accused of misappropriating N29.2 million designated for research purposes.

According to Prosecution Counsel Nguper Tertsua, in 2019, Oke, as the director of Webhaphtic Intelligence Ltd. allegedly received N29.2 million from Mrs. Jennifer Fatunbi, intended for research investment. It is alleged that Oke dishonestly diverted these funds.

The prosecutor stated that the alleged offence violates Section 311 and is punishable under Section 312 of the criminal code.

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Oke pleaded not guilty to the charge.

Defence Counsel Abdullateef Muhammad requested bail for his client, citing Sections 35 and 36 (5) of the Constitution of the Federal Republic of Nigeria, as amended, and Section 165 (1) of the Administration of Criminal Justice Act (ACJA).

Justice Aliyu Shafa granted bail to Oke in the amount of N2 million, with the requirement of one surety of equal sum.

The surety must reside within the court’s jurisdiction and provide an affidavit of means.

The case was adjourned until September 26 for further hearing.

Firm, director sued for allegedly misappropriating N29.2m research fund