Alleged N1bn fraud: Former Mainstreet Bank Registrars MD docked2 min read


By Abdulwahab Abdulah

Former Managing Director of Mainstreet Bank Registrars Ltd, Chester Ukandu, has been charged before a Lagos High Court for conspiracy, forgery, giving false information and impersonation by the Economic and Financial Crimes Commission (EFCC).

This follows a report by the Nigerian Police on the ownership crisis in Mainstreet Bank Registrars, which  revealed  that Ukandu was not telling the police the truth in respect of an alleged N1billion fraud in the company.

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

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The Nigeria Police Force Crime Investigation and Intelligence Department, FCIID, Alagbon  Lagos had last year arraigned the 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 that Adedokun, Akingbola and Adegoke stole shareholders shares and unclaimed dividend worth over N1billion, which the police report says is false.

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.

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After a painstaking investigation, the police issued a report stating that Ukandu had simply attempted to drag the police into a civil dispute with false documents.

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