N500M ECOBANK Deal Lands Badagry Prince, Partner in Trouble

Azeez Folorunso/

 

Semasa James, the prince of Kweme Land in Badagry, Lagos, has been re-arraigned at an Ikeja Special Offences Court for allegedly defrauding the estate of his late father Oba Afolabi James and leasing the late king’s property to Ecobank Plc.

Semasa was initially arraigned on April 10 on a two-count charge of stealing and forgery. He had denied the charges and trial had commenced with two witnesses testifying for the prosecution.

However, during Monday’s proceedings, Semasa was re-arraigned alongside Afolabi Kazeem, who the Special Fraud Unit (SFU) of the Nigeria Police Force, held as an accomplice to the crimes.

In the fresh charge, Semasa is accused of stealing, forging of company resolution, fraudulently disposing of trust property and forgery.

While Kazeem and the prince are jointly charged with conspiracy to defraud and cheating.

The duo, however, pleaded not guilty to the 7-count charge.

According to Mr O. O Olabisi, the prosecutor for the SFU, the prince fraudulently converted N500million property belonging to the late king between 2000 and 2017 in Lagos.

He said, “The defendant had in 2011, forged the resolution of a company called CAJ Industrial Enterprises dated November 28, 2011.

“He had purported that the resolution was signed by his father, who was one of the directors of the company, meanwhile his father had died nine years earlier on January 30, 2002.

“The defendant had forged the resolution with the intent that it will be acted upon as genuine to the prejudice of any person.”

The prosecutor noted that Semasa had fraudulently sold a property belonging to his late father’s estate to a private individual and illegally leased another property to Ecobank Plc.

The prosecutor added, “On about November 2004, with intent to defraud, Semasa converted the property located at Plot 1440, Ilesanmi St., Itire Road, Surulere, belonging to the estate of his late father by selling the property to Mrs Saidat Taiwo without approval.

“On about July 2005 in Lagos, he fraudulently converted the property at Plot 282 Ajose Adeogun St., Victoria Island, Lagos, by leasing it to the defunct Oceanic Bank Plc now Ecobank Plc.”

Olabisi also revealed Kazeem’s alleged role as an accomplice in the said fraud.

“Sometime in 2017 in Lagos, Semasa and Kazeem fraudulently tricked and cheated the beneficiaries of the late King of N150 million, which was part of the proceeds of sale of a property located at Dideolu Estate, Victoria Island, Lagos,” he said.

The prosecutor noted that Semasa had also forged a purchase receipt dated November 15, 2004, and an undated deed of assignment between himself, Bolarinwa James, Mrs Alakija (nee James), Hon. Justice Adebayo Adeniji and Mrs Saidat Taiwo.

Semasa, according to the prosecution, had purported that the receipt of payment and deed of assignment were signed by Bolarinwa James, Mrs Alakija (nee James) and Hon. Justice Adebayo Adeniji with the intent that it will be acted upon as genuine to the prejudice of other persons.

Following their plea, Justice Oluwatoyin Taiwo ordered that Semasa should continue his previous administrative bail.

She, however, ordered that Kazeem is released to the custody of Mr Martin Oyigbo, his defence counsel who must ensure that he attends court proceedings.

“I release him into your custody and you must write an undertaking to the effect that he will attend court proceedings.

“The second defendant will not be allowed to leave the court premises today until the undertaking is written,” she said.

Justice Taiwo adjourned the case until November 19 for trial.

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