DEFUNCT GULF BANK DIRECTOR GETS N500M BAIL

Temporary reprieve came the way of a Briton, Gareth Mervyn Wilcox and four others accused of defrauding the defunct Gulf Bank Plc of N15.1billion as the Federal High Court in Lagos granted them a N500million on Monday.

The Federal Government arraigned them on 21 counts of alleged conversion of the bank’s funds for personal use, but they pleaded not guilty to all the counts.

The prosecution said they “converted/appropriated” the sum in the name of loans and overdraft facilities to various companies without appropriate accounting records.

Part of the money was said to have been used to finance a non-existing refinery.

Wilcox was charged along with Prince Johnson Adekunle Adeyeba, a firm, Ibom Power Company; LYK Engineering Company Limited and Uche Uwechia.

Adeyeba is a former director and majority shareholder of both Gulf Bank and Ibom Power Company; Wilcox was the managing director of both Ibom Power Company and LYK Engineering; while Uwechia is a former Company Secretary and Legal Adviser at Gulf Bank and allegedly aided Adeyeba in the perpetration of the alleged fraud.

They allegedly “converted/appropriated” a total of $55.3million and over N3.7billion belonging to the bank.

Ruling on bail applications by the defendants’ counsel, Justice Mohammed Yinusa granted Wilcox and Adeyeba bail in the sum of N200million each.

The defendants are to produce two sureties in the sum of N200million each, and the sureties must be resident within the court’s jurisdiction.

The sureties are to swear to an affidavit of means and must own property within the court’s jurisdiction, the judge ruled.

In addition, the sureties must produce evidence of tax payment in the last three years.

The defendants must also deposit their international passports with the court’s registrar.

“They must give an undertaking not to travel outside the country without leave of court,” Justice Yinusa added.

Meanwhile, the fifth defendant, Uwechia, was granted bail for N100million with two sureties in like sum. Other terms of the bail granted the second and third defendants also apply to him.

Justice Yinusa picked February 26, 2014 for commencement of trial.