The Managing Director of Fin Registrars Limited, Mr. Bello Idowu, told a Lagos High Court on Monday that a former director of Finbank Plc, Mr. Dayo Famoroti, was allocated 20 million units of the bank’s shares but was unsure if the shares were paid for.
The Economic and Financial Crimes Commission called Idowu as its first witness in a N10.9bn theft charge it preferred against Famoroti and other former chiefs of the bank.
Idowu, who has been the head of Fin Registrars Ltd, one of Finbank’s subsidiaries, since 2006, told the court that it was not his duty to verify payments for shares.
He added that apart from Famoroti, others whose names he said he could not remember, also got portions of a bulk of consolidated shares between 2006 and 2007.
Led in evidence by EFCC’s lawyer, Rotimi Jacobs, the witness, however, conceded that another former executive director of the bank, Abubakar Nuhu, like Famoroti, also got some of the shares under similar circumstances.
Idowu, began his testimony when Jacobs asked him to cast his mind back to 2006 and 2007.
He said, “The Head of Investment Banking, Mr. Akpan Okon, approached me that there were some shares in seven corporate names and advised that we should consolidate the shares into three corporate names which we did and we issued shares certificates for the three.
“With the certificates, shares were transferred to different companies. The companies include Bush Machine, Ombidem Limited and Ferbone Real Estate Ltd.
“Twenty million units of shares were transferred to Dayo Famoroti. Some shares were transferred to others who I cannot remember their names.”
Under cross examination by Ocholi’s lawyer, Lanre Ogunlesi (SAN), Idowu said he was not sure and did not cross-check if Famoroti and others paid for the shares transferred to them. He said doing so was not part of his duties.
Idowu said, “I don’t want to guess. I can’t say if they paid for the shares. I did not also cross-check if they had paid for the shares because it was not part of my duties.
“My basic responsibility is to maintain shareholders register.”
He also, during cross-examination, singled out Famoroti among the four accused persons as the only one he could remember some units of the consolidated shares were transferred to.
Others facing the charge are former MD of the bank, Mr. Okey Nwosu, and its two other former directors - Mr. Danjuma Ocholi and Mrs. Agnes Ebubedike.
Meanwhile, trial of the former bank chiefs commenced with Idowu’s testimony after a ruling by the presiding judge, Justice Lateefat Okunnu, dismissing application for stay of proceedings filed by the second defendant, Famoroti.
Justice Okunnu in her ruling, held that the defendant’s prayer for an order of injunction for stay of proceeding was the same as the ones contained in the application the court had dismissed on July 6.
Click to signup for FREE news updates, latest information and hottest gists everydayThe Economic and Financial Crimes Commission called Idowu as its first witness in a N10.9bn theft charge it preferred against Famoroti and other former chiefs of the bank.
Idowu, who has been the head of Fin Registrars Ltd, one of Finbank’s subsidiaries, since 2006, told the court that it was not his duty to verify payments for shares.
He added that apart from Famoroti, others whose names he said he could not remember, also got portions of a bulk of consolidated shares between 2006 and 2007.
Led in evidence by EFCC’s lawyer, Rotimi Jacobs, the witness, however, conceded that another former executive director of the bank, Abubakar Nuhu, like Famoroti, also got some of the shares under similar circumstances.
Idowu, began his testimony when Jacobs asked him to cast his mind back to 2006 and 2007.
He said, “The Head of Investment Banking, Mr. Akpan Okon, approached me that there were some shares in seven corporate names and advised that we should consolidate the shares into three corporate names which we did and we issued shares certificates for the three.
“With the certificates, shares were transferred to different companies. The companies include Bush Machine, Ombidem Limited and Ferbone Real Estate Ltd.
“Twenty million units of shares were transferred to Dayo Famoroti. Some shares were transferred to others who I cannot remember their names.”
Under cross examination by Ocholi’s lawyer, Lanre Ogunlesi (SAN), Idowu said he was not sure and did not cross-check if Famoroti and others paid for the shares transferred to them. He said doing so was not part of his duties.
Idowu said, “I don’t want to guess. I can’t say if they paid for the shares. I did not also cross-check if they had paid for the shares because it was not part of my duties.
“My basic responsibility is to maintain shareholders register.”
He also, during cross-examination, singled out Famoroti among the four accused persons as the only one he could remember some units of the consolidated shares were transferred to.
Others facing the charge are former MD of the bank, Mr. Okey Nwosu, and its two other former directors - Mr. Danjuma Ocholi and Mrs. Agnes Ebubedike.
Meanwhile, trial of the former bank chiefs commenced with Idowu’s testimony after a ruling by the presiding judge, Justice Lateefat Okunnu, dismissing application for stay of proceedings filed by the second defendant, Famoroti.
Justice Okunnu in her ruling, held that the defendant’s prayer for an order of injunction for stay of proceeding was the same as the ones contained in the application the court had dismissed on July 6.
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