Midland Ltd Has Case To Answer Over N40m Fraud- Court

Midland Ltd Has Case To Answer Over N40m Fraud- Court

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Post Views: 45 The drive by the Securities and Exchange Commission (SEC) to ensure investor protection in the capital market and boost confidence in t...

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The drive by the Securities and Exchange Commission (SEC) to ensure investor protection in the capital market and boost confidence in the Nigerian capital market got a boost last week, when the Federal High Court sitting in Abuja ruled that Midland Capital Market Ltd and its Managing Director, Sam Bandi have a case to answer on allegations of falsely obtaining N40m from a client.
Both are being accused of obtaining the said sum from Patrick Aibhalemen under false pretence that they are fund managers and going to invest the money on his behalf under a ‘Guaranteed Investment Product ‘.
They however did not invest the money and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.
They were then arraigned on two counts charge before Hon. Justice A.R Mohammed of the Federal High Court, Abuja.
While the prosecution called three witnesses and tendered seven exhibits, the accused raised a “No Case” submission, following which the court ruled in favour of the prosecution and ordered that both the company and Bandi should enter their defence because they have a case to answer.
The case was subsequently adjourned to February 19, 2019 for hearing.

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