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The Economic and Financial crimes commission, EFCC has arraigned a former staff Of union Bank, Mr. Paul Onwughalu over his involvement in a N450 million fraud.
Onwughalu was arraigned yesterday,Monday, before Justice S.S. Ogunsanya of the Lagos High Court, Ikeja on one count charge bordering on failure to conduct due diligence in financial transactions.
He allegedly failed to conduct due diligence in a mega scam that rocked the bank on 10 January, 2013 when some fraudsters hacked into its data base and pulled out hundreds of millions of naira.
When the charge was read, the defendant pleaded not guilty.
Based on the plea of the accused, the prosecution counsel, Fadeke Giwa prayed the court to fix a date for trial and to remand the defendant in prison custody pending trial.Justice Ogunsanya adjourned the case to February 28, 2014 for hearing on the bail application and ordered that the defendant be remanded in Kirikiri maximum prison.
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