The Economic and Financial Crimes Commission, EFCC Kaduna Zonal Office has arraigned one Olarenwaju Yusuf on a five-count charge bordering on the issuance of dud cheque, criminal breach of trust and cheating to the tune of N36 million. Yusuf who is the CEO of VICLIBO VENTURES was arraigned before Justice Bello Duwale of the Sokoto State High court sitting in Sokoto,
According to EFCC, the journey to the dock Olarenwaju Yusuf began when a case of issuance of the dud cheque was reported to the EFCC by Tunde Akinola against him.
The complainant alleged that sometimes in January 2018, Olarenwaju Yusuf, a staff of Sterling Bank Plc, Sokoto branch approached him and requested a loan of N30 million to be used for the establishment of a biscuit and juice production factory and was willing to pay back with a 10 per cent interest.
The complainant stated that he rallied round friends and colleagues to get the money and transferred the said sum to the suspect via his United Bank for Africa, UBA account on the condition that the money will be paid back by March 2018.
Pursuant to the agreement, Olarenwaju Yusuf issued him three post dated Diamond Bank cheques of N10 million each, and another one of N6 million. All, however, were returned unpaid upon presentation and all efforts to recover the money proved abortive.
He pleaded “not guilty” to the charges.
Counsel for EFCC, S.H. Sa’ad, urged the court to fix a date for commencement of trial and the defendant be remanded in prison.
Defence counsel, Ferdinand Okotete, asked the court to grant his client bail.
Justice Bello, however, ordered that the defendant should be remanded in prison and fixed April 25, 2019, for the hearing of bail application.
The trial judge, further granted an interim forfeiture order in respect of the defendant’s property, pursuant to a motion ex parte filed by the EFCC.