More facts have emerged on how Mr. Michael Obasuyi Osasogie,
Managing Director, Smartmicro Systems Limited defrauded FirstBank to the tune
of N11 billion.
In 2012, Smartmicro Systems Limited had approached
E-Tranzact for the deployment of bulk purchase solution called “Corporatepay”
to facilitate payment of salaries of Delta State employees in microfinance
banks. It was alleged that E-Tranzact also configured an additional outbound
fund transfer solution called “Fundgate” in 2017, which required SmartMicro to
maintain a pre-funded settlement account with FirstBank for settlement of
account it had initiated.
FirstBank sometime in March 2018, raised an alarm that the
settlement account was in debit to the tune of N11 billion. The Economic and
Financial Crimes Commission (EFCC) in April arrested Osasogie for alleged
offenses bordering on cybercrime and money laundering.
Consequently, Osasogie was arraigned alongside his firms,
Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and
Platinum Smart Cruise Motors Limited on May 24, 2018 before Justice Justice
Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14 charges
bordering on stealing to the tune of N11 billion.
The Court Ruling
He pleaded guilty to the charge preferred against him and
later entered into plea bargain.
Delivering her judgement, Justice Mojisola Dada convicted
the defendant on all the counts and sentenced him to one-year imprisonment. The
Judge also ordered the forfeiture of defendant’s 116 buses, 20 properties and
monies in various accounts to FirstBank.
At the symbolic handover of the seized properties held in
one of the forfeited houses at Osapa London, Lekki, Lagos, Kaina Garba, Head
Asset Forfeiture and Recovery Management Unit of the EFCC, Lagos office, handed
over the documents and keys to the forfeited properties to Gabriel Edobor,
Head, Remedial and Classified Assets Management Department of FirstBank and Eme
Godwin, Group Head, Legal Unit, E-transact.
