Ex-Naval officer, lawyer arrested for N540m bank fraud
By: Funmi Ojuroye October 23rd 2013 Ogbonnaya and Mbajuwon The Economic and Financial Crimes Commission has arrested a retired naval captain, Okorie Ogbonnaya, for allegedly defrauding Oceanic Bank Plc (now Ecobank Plc) of over N540m. The commission also arrested Ogbonnaya’s lawyer, Emmanuel Mbajuwon, for conspiring with his client to perpetrate the fraud. EFCC Head of Operations, Iliyasu Kwarbai, told PUNCH Metro that 51-year-old Ogbonnaya committed the alleged fraud under the pretext of importing bags of rice from Thailand for Cooperative Federation of Imo State. He said Ogbonnaya took a loan of N196m from the bank and also caused the bank to lose $2.4m after the bank had issued him a letter of credit to a foreign bank. He said, “Sometime in 2011, Ogbonnaya, who is the owner of Akaeze Ventures Enterprise, approached Cooperative Federation of Imo State saying he could supply them with rice below the market value. “Ogbonnaya was able to obtain a bank guaran...