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How First Nation MD allegedly used false documents to obtain N3.4b loan

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Ayodele Olalere

Justice Mojisola Dada of a Lagos Special Offences Court, Ikeja has been told how the Managing Director of First Nation Airways, Mr. Kayode Odukoya, allegedly used false documents to obtained N3.4 billion and  $2.4 million loan facility in the defunct Skye Bank Plc, now Polaris Bank.

The witness of the Economic and Financial Crimes Commission ( EFCC) witness, Mr. Partick Ifeanyi  Ogwu, yesterday told the court how Odukoya who he described as the alter ego of First Nation and Bellview Airlines misrepresented the fact that made Skye bank to released loan facilities with forged documents.

Led-in-evidence by the prosecution counsel, Mr Anselem Betram Ozioko, the witness told court that the defendant obtained loan from Skye bank within the period of 2007 to 2012 which as at December 2016 accumulated to N3.4 billion and $2.4million.

Ogwu, a legal officer in legal department of that bank explained that defendant at the point of disbursement, provided the bank the document with the properties at Oduduwa way, GRA and Ladipo Bateye streets, Ikeja.

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The witness also told the trial judge,  that defendant (Odukoya) provided the bank with the collateral securities with institution.

He said, “There was undertaken for provision of collateral and he provided the property at No 29 and 31 of Oduduwa G.R.A Ikeja and no 35 Ladipo Bateye Street, Ikeja which the defendant alleged it belongs to him.

“The reference to the property at No 29 Oduduwa Way, G.R.A  registered at page 33 volumes  33 1011 at the Lagos State Land Registry but upon investigations  by the bank’s solicitors, it was discovered that the said property he used had registration Number with page 5 volume 51011 which the first defendant as at that time had used the same property as collateral to Zenith Bank Plc.”

We further wrote him (defendant) referring to the converted sum which was earlier stated at about N3.4 billion and $2.4 million.

Defendant then came out with memoradum of loss of document with a sworn affidavit, police report and newspaper publication  wherein he declared that the title document of the property was missing.

He stated that anybody that found the document will be rewarded handsomely. It was on this basis that the bank disburse the loan to the Defendant.”

The witness further told court that the bank however instructed its solicitor to petition EFCC as regards the alleged fraudulent act of the defendant.

When the witness was asked on why he made statement to EFCC naming the two company, First Nation and Bellview Airlines limited, he said, “Bellview Airline was in operation and started banking with Skye Bank since 2006 and upon being granted and withdrawal of their license it ceased to operate.

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“First Nation Airlines came on board with the same alter ego of the first defendant. Upon application to Skye bank, there was a memorandum of understanding  wherein First Nation Airlines took over and assume the indebtedness of Bellview and both have the same alter ego of the first defendant. The same alter ego gave his personal guarantee to all facilities.”

It would be recalled that, EFCC is prosecuting Odukoya, alongside FirstNation Airways and Bellview Airlines, on a four-count charge bordering on forgery, use of false document, perjury and stealing.

He was alleged to have committed the offences of forgery, use of false document and perjury on March 21, 2013.

He allegedly forged document in respect of a property located at No. 29, Oduduwa Street, GRA, Ikeja, Lagos State.

The EFCC alleged that Odukoya used the false document and also gave false information on oath concerning the loss of the Certificate of Occupancy at the Lagos State Land Registry.

It also alleged that on October 7, 2016, Odukoya stole and dishonestly converted to his own use, N1.7 billion belonging to Skye Bank Plc.

The anti-graft agency said his offences contravene Sections 85, 86(1) 278(1) (b), 285, 361(1), (a) (b), 363 and 364(1) of the Criminal Law of Lagos State, 2011.

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