Illegal sale of shares: Ex-BOI MD, three others to be arraigned on November 23 

Akin Kuponiyi

The scheduled arraignment of the former Managing Director, Bank of Industry (BoI), Rasheed Olaoluwa, and three others by the Economic and Financial Crimes Commission, EFCC  was  stalled today due to the absence of the defendants.

Olaoluwa, is to be arraigned alongside, Sadat Abdullahi Aliyu, Mr. Chibundu Edozie, and BGL Capital Limited over alleged illegal sale of Bank of Industry shares.

The three defendants are facing  a 13-count charge  preferred against them by the anti graft Agency before  a Lagos State High Court at Ikeja.

When the matter was mentioned, EFCC prosecutor, Kehinde Adetoye told the court that the matter is slated for arraignment, and that the   defendants were contacted that their arrangement will be coming up in court today.

The  Defendants are currently on  administrative bail granted them since 2020, and they suppose to be in court for their arrangement.

 Barrister  Olabode Iranloye counsel to the second Defendant, Sadat Abdullahi Aliyu apologised for the absence of his client.

Iranloye assured the court that his client would be in court at the next adjourned date to take her plea.

Thereafter, the presiding Judge  Abike-Fadipe adjourned the matter till November 23, 2022 for Arraignment.

The EFCC had sometimes in 2016

 raided the Lagos office of the Bank of Industry (BoI) following a discreet investigation it had been conducting.