Dr. Edwin Udemegbunam Onwudiwe V.federal Republic Of Nigeria (2006)

LAWGLOBAL HUB Lead Judgment Report

MUSDAPHER, J.S.C.

This is an appeal against the judgment of the Court of Appeal Lagos Division delivered on the 15/1/2003 whereby the appellant’s appeal against his convictions and sentences by the failed Bank’s Tribunal Zone IV Lagos, Edokpayi J (as he then was) was dismissed. The appellant and one other were arraigned before the Failed Banks Tribunal Zone IV, Lagos. The appellant was specifically concerned in the amended charge with the following counts:-

“Count 1

That you, Dr. Edwin Udemegbunam Onwudiwe and you, Joe Billy Ekwunife while being the chairman and Managing Director/Chief Executive respectively of Ivory Merchant Bank Ltd. on or about the 23/8/1994 at Lagos conspired together to fraudulently convert the proceeds of a Crystal Bank of Africa Ltd. Bank certified cheque No. 66114 issued in favour of Ivory Merchant Bank Ltd. for the sum of N16.56 million to the use and benefit of Dr. Edwin Udemegbunam Onwudiwe and thereby committed an offence punishable under section 516 of the criminal code Act (cap 77 LFN 1990) read in conjunction with section 3(1)(d) of the Failed Banks (Recovery of Debts) and financial malpractices in Banks decree No.18 of 1994.

Counts 3

That you, Dr. Edwin Udemegbunam Onwudiwe while being the Chairman of Ivory merchant Bank Ltd. on or about the 23/8/1994 at Lagos stole by fraudulently converting to your own use and benefit the proceeds of a Crystal Bank of Africa Ltd. certified cheque No. 66114 issued in favour of Ivory Merchant Bank Ltd in the sum of N16.56 million, and thereby committed an offence punishable under section 390(7) of the Criminal Code Act read in conjunction with section 3(1)(d) of Decree No.18 of 1994.

Count 5

That you, Dr. Edwin Udemegbunam Onwudiwe while being the chairman of Ivory merchant Bank Ltd. on or about the 23/8/1994 at Lagos with intent to defraud falsely represented to partnership investment company Ltd. that Ivory Merchant Ltd. had the sum of 345,000 US Dollars available for sale and thereby induced partnership investment company Ltd. to deliver to you Crystal Bank of Africa Ltd. Certified cheque No. 66114 for the sum of N16.5 million issued in favour of Ivory Merchant Bank Ltd, the proceeds of which you dishonestly obtained and appropriated to your own use and benefit, and thereby committed an offence under section 419 of the Criminal Code Act read together with section 3(1)(d) of Decree 18 of 1994.

Count 6

That you, Dr. Edwin Udegbunam Onwudiwe while being the Chairman/Director of Ivory Merchant Bank Ltd. on or about the 29/7/1994 at Lagos, failed to take all reasonable steps to secure compliance by Ivory Merchant Bank Ltd. with the requirement of the Banks and other Financial Institutions Decree No.25 of 1991 by permitting to be outstanding in your account No.211703008 operated at Ivory Merchant Bank Ltd unsecured advances/loans/credit facilities amounting to N2,853,189.33, without prior approval in writing of the Central Bank of Nigeria, and thereby committed an offence contrary to section 20(2)(a) of the Banks and other Financial Institutions Decree No.25 of 1991 and punishable under section 46(a) of the same Decree read together with section 3(1)(c) of Decree No. 18 of 1994.

Count 7

That you, Dr. Edwin Udemegbunam Onwudiwe and you, Joe Billy Ekwunife while being the chairman and the Managing Director/Chief Executive respectively of Ivory Merchant Bank Ltd. on or about the 23/8/1994 at Lagos conspired together to engage in unlawful activity and corruptly enriched the first accused Dr. Edwin Udemegbunam Onwudiwe by fraudulently converting the proceeds of Crystal Bank of Africa Ltd. bank certified cheque No. 66114 issue in favour of Ivory Merchant Bank Ltd. in the sum of N16.56 million to the use and benefit of the 1st accused, thereby committed an offence contrary to section 1(2)(d) of the Recovery of Public Property (Special Military Tribunals) Act Cap.389 LFN 1990 and punishable under section 13(1) of the said Act as amended by the Recovery of Public Property (Special Military Tribunal) Amendment Decree No.33 of 1991, and read together with section 3(1)(d) of Decree No.18 of 1994.

Count 8

That you, Dr. Edwin Udemegbunam Onwudiwe while being the chairman of Ivory Merchant Bank Ltd. on or about the 24/8/1994 at Lagos did corruptly enrich yourself and engage in unlawful activity by converting the proceeds of the said bank certified cheque No. 66114 issued in favour of Ivory Merchant Bank Ltd, to your own use and benefit, and thereby committed an offence punishable under Section 13(1)(a) of Recovery of Public Property (Special Military Tribunals) Act Cap 389, LFN 1990 as amended by the Recovery of Public Property (Special Military Tribunals) Amendment Decree 1991 and read together with section 3(1)(d) of Decree No.18 of 1994.”