FORMER Union Bank executives facing corruption charges of money laundering before the law court on Thursday argued that the charges against them is alien to the laws and as such was not tenable in prosecuting them.
The defendants made their objections known through their counsel, Mr. Osaro Eghobamien, a Senior Advocate of Nigeria, who raised the objections before a court led by Justice Rita Ofili-Ajumogobia.
Apparently seeking a dismissal of the 20-count charge of money laundering filed against the accused by the Economic and Financial Crimes Commission, Eghobamien, counsel to Falcon Securities Ltd. and Ololo, told the court that the charge brought against his clients was misleading in appearance.
The accused are a former Union Bank managing director, Mr. Bartholomew Ebong; Mr. Henry Onyemem, Mr. Niyi Opeodu and Mr. Samuel Anyininuola, as well as Falcon Securities Ltd. and its owner, Mr. Peter Ololo.
Mr. Eghobamien also said that the charge did not disclose any criminal cause of action against his clients, since it only exhibited a market relationship between them and Union bank.
According to Eghobamien, the offence for which the accused were charged, is not known to any criminal law and should be struck out.
Responding to the objection, the prosecutor, Mr Kola Awodehin (SAN), argued that it was premature for the defence counsel to raise the issue of an incompetent charge.
Justice Rita Ofili-Ajumogobia adjourned the case to Friday (March 22) for continuation.
The accused were re-arraigned before Ofili-Ajumogobia on Nov. 15, 2012, following the transfer of the initial trial judge, Mrs Binta Murtala-Nyako.
The accused were alleged to have unlawfully granted loan facilities to themselves without security and without lawful authority from the Central Bank of Nigeria (CBN).
They were also alleged to have granted several credit facilities to Falcon securities, under the influence of Ololo, without any collateral.
According to the prosecution, the alleged offence contravenes the provisions of Section 2(3) of the Money Laundering (prohibition) Act, 2004 and is punishable under Section 2(5) of the same Act.
The accused had all pleaded not guilty to the charge.
Justice Ofili-Ajumogobia allowed them to continue with the earlier bail granted by the previous judge, Nyako