Moses Adebayo Omuya Ochu V. Federal Republic Of Nigeria (2010)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

MODUPE FASANMI, J.C.A. (Delivering the Leading Judgment)

This is an appeal against the judgment of the Failed Banks (Recovery of Debts & Financial Malpractices in Banks) Tribunal, Ibadan Zone Oyo State in charge no. FBT/IB/CR/2/98 delivered on the 27th of May, 1999. Appellant was charged and convicted in absentia on four counts including the one of stealing contrary to Section 390 of the Criminal Code and punishable under subsection 7 of the said Criminal Code.

The facts are that the Appellant was the Managing Director of Majestic Securities Limited. He was alleged to have committed a number of offences which led to his prosecution before the Failed Banks Tribunal on the following charges:

COUNT 1

“That you MOSES ADEBAYO OMUYA OCHU (M) (now at large and outside Nigeria) between January, 1992 and 30th December, 1996 at Lagos while being the Managing Director/Chief Executive Officer of Majestic Securities limited failed to comply with the conditions of licence granted by the Central Bank of Nigeria on 2nd June 1993, to Majestic Securities Limited doing acts to wit: Lending sums of money over and above 50% of the Shareholders funds unimpaired by losses, failing to meet obligations of customers/investors; closing office without the knowledge and authority of the Central Bank of Nigeria, non disclosure of personal interest in a credit facility provided by the Finance Company, investing short term funds in long term projects, and operating Majestic Securities Limited after revocation of the licence granted to the said majestic Securities Limited; and that you thereby committed an offence contrary to Section 58(1) of the Banks and other Financial Institutions Decree No. 25 of 1991, (as amended) and punishable under Section 58(3) of the said Decree.

COUNT 2

That you MOSES ADEBAYO OMUYA OCHU (M) (now at large and outside Nigeria) between 1st July 1993, and 30th December, 1995 at Lagos, while being the Managing Director/Chief Executive Officer of Majestic Securities Limited persistently failed to comply with the directives of the Central Bank of Nigeria contained in its Revised Guidelines/Prudential Requirements for Finance Companies of 1st July, 1993 and in contravention of same, you thereby committed an offence contrary to Section 58(2) (a) of the Banks and Other Financial Institutions Decree No. 25 of 1991, (as amended) and punishable under Section 58(3) of the said Decree.

COUNT 3

That you MOSES ADEBAYO OMUYA OCHU (M) (now at large and outside Nigeria) between June 1993 and 30th December 1995, at Lagos while being the Managing Director/Chief Executive Officer of Majestic Securities Limited, failed to render the Central Bank of Nigeria quarterly returns of Majestic Securities Limited and you thereby committed an offence contrary to Section 58(2) (b) of the Banks and other Financial Institutions Decree No. 25 of 1991, (as amended) and punishable under Section 58(3) of the said Decree.

COUNT 4

That you MOSES ADEBAYO OMUYA OCHU (M) (now at large and outside Nigeria) between January 1992 and 30th December 1996 at Lagos while being the Managing Director/Chief Executive Officer of Majestic Securities Limited committed an offence of stealing the sum of N82,497,328.39 (Eighty two million, four hundred and ninety seven thousand, three hundred and twenty eight Naira, thirty nine kobo) being customers/depositors’ funds lodged with the said Majestic Securities Limited by doing an act to wit: using various sums of money paid by customers/depositors to the said Majestic Securities Limited without its consent and the consent of the customers/depositors and by diverting same you thereby committed an offence punishable under Section 390(7) of the Criminal Code.

The Tribunal proceeded in its judgment to sentence the Appellant to 3 years imprisonment on each of the first 3 counts and 7 years for the aforementioned offence of stealing all to run concurrently. He was in addition ordered to refund the sum of N82,497,324.39 or forfeit for auction (as they were indeed auctioned) his following properties:

(i) A plot of land measuring 34.10 hectares, of Savannah ure, situate about 14 Kilometres along Keffi/Abuja road, known as and called “New Karu”

(ii) 400 plots of land situate in Maraba Local Government Area of Plateau State.