Court hears how Fund Investment owner got N2bn from 60million Nigerians

The Economic and Financial Crimes Commission (EFCC) on Wednesday
arraigned one Philemon Gora in a Federal High Court, Abuja for
allegedly operating a bank without a valid license.

NAN reports that Gora was arraigned along with his company, Cash Flow
Global Fund Investment on a two-count charge of operating a bank
without license and consenting to carrying out banking business
without a valid license.

"That you Philemon Gora, knowingly consented to the carrying on of
banking business without a valid license issued to the company.

"You thereby committed an offence contrary to Section 49(1) of the
Banks and other Financial Institutions Act and punishable under
Section 2 of the same act," one of the charges read.

Gora pleaded not guilty to the charges.

"I am not guilty because I have a valid license", he claimed.

Following an oral application for bail by his counsel, Mr Alex Marema,
the judge, Justice Ijeoma Ojukwu admitted him to bail in the sum of
N10 million with two sureties in like sum.

The sureties, the judge said must be officers, not below grade level
16 and must be resident within the jurisdiction of the court.

The judge said the sureties should deposit their two recent passport
photographs with the court.

The prosecuting counsel, Mr G.K. Latona had objected to the oral
application for bail on the ground that the defendant, having stated
in the dock that he had a valid license, would continue to operate the
bank if granted bail.

Latona also told the court that over 60 million Nigerians were
customers of the bank with over N2 billion in the bank.

The judge, however, said that she was mindful to grant Gora bail
because she understood his statement that he had a valid license to
mean that he was not guilty of the charge and not otherwise.

She said that she considered the oral application for bail of the
accused in the interest of justice taking into cognisance the coming
public holiday.

She adjourned the matter until October 2 and October 10 for
commencement of trial.

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