Businessman arraigned by EFCC for alleged issuance of N8.5m dud cheque

The Economic and Financial Crimes Commission (EFCC) took decisive action on Wednesday, arraigning businessman, Michael Chibuzo before a Kaduna High Court on charges related to the issuance of N8.5million dud cheque.

Chibuzo, Managing Director of Two Stars Enterprise Ltd., is accused of cheque fraud, thereby committing financial crime.

Nasiru Salele, representing the EFCC as counsel, informed the court that Chibuzo allegedly perpetrated the offences on January 2.

According to Salele’s statement, Chibuzo, serving as the Managing Director of Two Star Enterprise Ltd., purportedly obtained a loan of N8.5 million from the complainant, Rita David.

The arraignment marks a significant development in the ongoing efforts to uphold financial integrity and hold accountable those engaged in fraudulent activities within the business sector.

The prosecution said for the repayment of the loan, the defendant issued David a post-dated GT Bank cheque of N8.5 million to be cashed after two months.

He added that the cheque was, however, dishonoured when it was presented at the bank and all efforts made by the complainant to get her money back were abortive and unsuccessful.

Salele said the offences contravened the Advanced Fee Fraud and Other Related Offences Act 2006.

The defendant pleaded not guilty to the charges.

The defence counsel, Gabriel Ede, applied for bail on behalf of his client, stating that the defendant would not jump bail and would provide the bail conditions as required.

The prosecution, however, did not oppose the bail application.

The Judge, Justice M. Tukur, granted the defendant bail in the sum of N2 million with two sureties in like sum.

According to the judge, one of the sureties must be a blood relation of the defendant and the second must have a landed property in Kaduna with genuine land documents.

Tukur added that the sureties must reside within the court’s jurisdiction and adjourned the case until April 30 for a hearing.