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N1bn Fraud: Mainstreet Bank Registrars’ Ex-MD, Ukandu Lied To Investigators- Police

An investigation report released by the Nigerian Police on the ownership crisis in Mainstreet Bank Registrar Ltd has revealed that former Managing Director of the company, Chester Ukandu gave false information to police investigators in respect of an alleged fraud in the company.

The Nigeria Police Force Crime Investigation and Intelligence Department, FCIID, Alagbon Lagos had last year arraigned Chairman of the company, Sulaiman Adedokun, current Managing Director, Oluwadare Akingbola and Elijah Adegoke before a Federal High Court, Lagos following a petition by Ukandu alleging over N1billion fraud in the company.

Ukandu had alleged in the petition backed by a document, which the police report says is false, that Adedokun, Akingbola and Adegoke stole shareholders shares and unclaimed dividend worth over N1billion.

However, following a complaint to the Inspector General of Police by lawyers to Adedokun, Akingbola and Adegoke over alleged use of some police officers in FCIID, Alagbon Lagos to persecute and intimidate their clients, the IGP ordered another investigation into the matter.

After a painstaking investigation, the police on July 6, 2018 issued a report stating that Ukandu had simply attempted to dragged the police into a civil dispute with false documents.

The police report with reference number CR: 3000/IGP. SEC/MU/ T.G/ ABJ/Vol. 53/40 was signed by Superintendent Usman Garba, Officer in Charge, Team G of IGP Monitoring Unit, Force Headquarters, Abuja.

“The attempt of the suspect (Ukandu) to
this civil matter with false document and dragging police into the plots to gain advantage towards a forceful takeover of the company is to say the least regrettable”, the report said.

The report exonerated Adedokun, Akingbola and Adegoke of any fraud allegation stating that there is no case of fraud or stealing of any kind associated with Mainstreet Bank Registrar Ltd as attested to by a 2014-2017 audit report on the company by Pedabo Audit Services Ltd.

The report further stated that following an advice of the Attorney General of the Federation which also indicted Ukandu for forgery, giving false information, impersonation and conspiracy, police authorities has ceded the prosecution of the suspect to the Economic and Financial Crimes Commission, EFCC.

The EFCC has since charged Ukandu and Achi George before a Lagos High Court for conspiracy, forgery, giving false information and impersonation.

In its general findings, the police report stated that Wizpick Exotic Investment Ltd, owned by Akingbola, Adedokun and Adegoke had in 2016 acquired the controlling shares of Mainstreet Bank Registrars from Skye Bank Plc through a competitive and transparent bid process.

The report further stated that Ukandu and some ex-staff of the company however resisted attempt by Wizpick to take over the company. The tussle according to the police report led to a civil suit file by Mainstreet Bank Registrar Ltd new management against Ukandu.

The report further revealed that Ukandu and his alleged conspirators in their bid to wrestle the company from Wizpick Exotic Investment Ltd summoned a Shareholders Extra-ordinary General Meeting and made themselves directors of Mainstreet Bank Registrar.

In a desperate move to win the battle, the report noted that Ukandu wrote a petition of fraud, forgery and stealing of shares and unclaimed dividends against the trio of Akingbola, Adedokun and Adegoke to the police.

The report however stated that the audited account of Mainstreet Bank Registrars Ltd from 2014 to 2017 by the company’s external auditor, Pedabo Audit Services showed that there is no case of fraud or stealing of any kind associated with the company.

According to the report, the Security and Exchange Commission, SEC has also confirmed that the new ownership of Mainstreet Bank Registrars Ltd is Wizpick Exotic Investment Ltd.

The report was however silent on the fate of four ex-staff of the company, Godfrey Opurum. Adesina Onikeku. Chukwudi Ugumba who allegedly conspired with Ukandu to carry out the crime but are present not been prosecuted by either the police or the EFCC.

The report also failed to state the fate of the police officers in FCIID, Alagbon who were used to harass and intimidate the new management of MBRL.

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