COURT ACQUITS DEFENDANTS, FAULTS FIDELITY BANK’S CONTROLS IN ALLEGED N964M FRAUD
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By Aishat Momoh. O.
The Special Offences Court sitting in Ikeja, Lagos, has discharged and acquitted Purple Prime Limited and its director, Adebowale Johnson, over an alleged ₦964 million fraud involving Fidelity Bank, after holding that the prosecution failed to establish criminal liability against the defendants.
Delivering judgment, Justice Ismail Ijelu faulted the Economic and Financial Crimes Commission (EFCC) for failing to prove the offences of conspiracy and stealing beyond reasonable doubt, describing the evidence presented as insufficient under the law.
The EFCC had filed a 14-count charge against the defendants on November 23, accusing them of conspiring to steal ₦964 million from Fidelity Bank through alleged online banking and ATM-related fraud. The defendants pleaded not guilty to all counts.
During the trial, the prosecution called four witnesses and tendered several documents, which were admitted in evidence. However, Justice Ijelu held that the prosecution relied mainly on the movement of funds through various accounts without establishing unlawful appropriation, criminal intent, or a meeting of minds between the defendants.
The court observed that bureau de change operators who testified acted as neutral intermediaries in the ordinary course of business and were not shown to have conspired with the defendants. It added that tracing funds to accounts linked to the defendants merely established financial movement and did not, on its own, amount to proof of stealing or conspiracy.
Justice Ijelu further held that conspiracy cannot be inferred from mere association or commercial transactions, stressing that there must be credible evidence of shared criminal intent and coordinated action, which the prosecution failed to establish.
The judge also noted the absence of digital forensic evidence, communication records, or corroborated extra-judicial statements capable of proving coordinated planning among the defendants. It further emerged during trial that some individuals allegedly involved in the transaction chain were neither arrested nor charged.
According to the court, the evidence before it pointed more to weaknesses in Fidelity Bank’s internal controls and safeguards than to deliberate criminal conduct by the defendants.
Reacting to the judgment, defence counsel, Olanrewaju Ajanaku, described the ruling as a reaffirmation of settled legal principles.
“It is well settled. My Lord, Honourable Justice I.O. Ijelu really dwelt on the matter well, and we are happy with the decision,” Ajanaku said.
Justice Ijelu consequently held that the EFCC failed to prove its case beyond reasonable doubt and accordingly discharged and acquitted Purple Prime Limited and Adebowale Johnson of all charges.
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