EFCC arraigns Henry 'Old School' Alade for N180m fraud

Old School & Wife

The Economic and Financial Crimes Commission, EFCC, on Monday October 12, 2015 arraigned one Henry Alade and his company, Impact Direct Strategies and Execution Limited before Justice Lawal Akapo of the Lagos State High Court, Ikeja on an eight count charge bordering on stealing, obtaining money by false pretence and forgery.

In a statement issued by the Commission’s Head, Media & Publicity,Wilson Uwujaren, the accused person allegedly defrauded a new generation bank of N180, 000,000 (One Hundred and Eighty Million Naira Only) by using his company to secure an Invoice Discount Facility (IDF) from the Bank.

Alade was said to have approached the bank requesting for Invoice Discount Facility worth N115 million and N65 million respectively, by fraudulently presenting forged invoices which he claimed represented a certain job he executed for Airtel Networks Limited.

The accused person is alleged to have connived with Henry Momoh and Ifem Odoh at the Airtel Corporate Headquarters who acknowledged the forged invoices when the resident auditor of the bank presented same at the Airtel office for verification.

Count one of the charge reads “that you Henry Alade and Impact Direct Strategies and Execution Limited on or about 3rd day of October 2013 in Lagos within the Ikeja judicial division with intent to defraud obtained Invoice Discount Facility in the sum of N115,000,000 (One Hundred and Fifteen Million Naira Only) by falsely presenting an invoice with PO Number 302069-0 allegedly for jobs executed for Airtel Networks Limited by Impact Direct Strategies and Execution Limited and thereby committed an offence contrary to section 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 2006”.

The accused person pleaded not guilty to the charge when it was read to him.

Prosecution counsel, Israel Akande, asked the court to remand the accused person in prison custody pending the determination of the case while the defence counsel, Jeffery Ikwunze prayed the court to admit his client to bail.

Justice Akapo adjourned the case to October 26, 2015 for ruling on the bail application and ordered that the accused be remanded in Kirikiri Maximum prison.

DAILY POST