A Lagos Federal High Court has fixed May 22, for further hearing in a criminal charge filed against two India nationals, a Briton, an two firm, who allegedly defrauded Ecobank Plc of $42, 485, 900 million USD.
The three foreigners charged before the court presided by Justice Akintayo Aluko by the office of the Attorney-General of the Federal (AGF) are: Prem Garg; Devashish Garg (both Indians) and a Briton, Marcus Wade.
While the firms charges alongside the three foreigners were: Agrico Agbe Limited (a company registered in Nigeria) and
Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai).
The three foreigners and their firms are facing a five counts charge of conspiracy, obtaining by false pretence, cheating and criminal conversion in the charge marked FHC/L/562C/2022, dated October 7, 2022.
They were alleged to have defrauded Ecobank Plc of the huge sum under false pretence of using the money to import rice in 2015.
One of the charges against them reads: “That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Limited (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Ecobank Plc. Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence to wit: Cheating in that you caused Eco Bank Plc to deliver monies to the tune of $42, 485, 900. 00 (forty-Two Million, Four Hundred and Eight Five Thousand, Nine Hundred US Dollars) which was intended by contract for the purchase and import into Nigeria India Parboiled rice but never utilized the sum of money for the contract and thereby committed an offence punishable under Section 421 of the Criminal Code Act, Cap, C38 Laws of the Federation of Nigeria, 2004.”
Another count reads: “That you, Prem Garg, Devashish Garg both of Indian nationality, Agrico Agbe Ltd. (a company registered in Nigeria), Wilben Trade Limited, Dubai (a company registered in the United Arab Emirates, Dubai), Marcus Wade (Chairman of Wilben Trade Ltd, Dubai) of British nationality, sometime in the month of May and September, 2015 at Eco Bank Plc. Lagos within the Jurisdiction of this Honourable Court conspired between yourselves to commit an offence thereby committed an offence punishable under Section 422 of the Criminal Code Act, Cap. C38 Laws of the Federation of Nigeria, 2004.”
Following the persistent failure to appear before the court to take their plea on the charges against them, Justice Aluko had sometimes in November 2023, issued a bench warrant against them.
The arrest warrant was issued following an application filed and moved by Dr. Pius Akutah, (now Secretary of Nigeria Shippers Council).
At the resumed hearing of the matter on Tuesday, while Mr. Dele Belgore (SAN) appeared for the third and fifth defendants (Agrico Agbe Limited and Marcus Wade, the Briton), while there was no legal representation for the first, second and fourth defendants (Prem Garg, Devashish Garg, (the Indians) and Wilben Trade Limited, Dubai, respectively.
There was no legal representation from the prosecution.
At the Tuesday’s proceedings, Mr. Belgore (SAN) told the court that he got a message that the matter is coming up for hearing on Tuesday.
Belgore (SAN) also informed the court that while he was in court, his junior sent a message to the phone number on the processes filed on behalf of the first, second and fourth defendants, and counsel, and a lawyer, D. A. Awosika, replied to the message that he did not receive any indication that the matter is coming up for hearing.
He further informed the court that he has two pending applications which are ripe for hearing, and that other parties in the matter have responded to the applications. He therefore urged the court to allow him moved the two applications.
But the presiding judge, Justice Aluko, held that in the spirit of fair hearing, it is better that the matter be adjourned for all parties to be in court.
Consequently, the judge adjourned that matter to May 22, for hearing of all applications.
The bank hence opened letters of credit in the sum of $42, 485, 900.00 USD in favour of one Wilben Trade Limited, Dubai for importation of rice.
The bank alleged that the company had requested for an Import Finance Facility loan (IFF) for the importation of India Parboiled rice to Nigeria which was granted by the bank.
The facility was to be repaid primarily from the proceeds of the sale realised from the imported products and other revenues realised from the business in accordance with the agreement.
