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The Special Fraud Unit, SFU, Force CID, Milverton Road, Ikoyi, Lagos, Nigeria, has declared the Managing Director of Spring Bank Plc, Mrs. Ayodele Olushola wanted over an alleged N5.208 billion fraud in the bank.

P.M.NEWS authoritatively gathered that the MD was declared wanted following her failure to report at the SFU after an arraignment notice had been served on her twice.

The arraignment notice to take her and others to court over the alleged N5.2 billion fraud in the bank was first served on 12 August, 2010, while the second one was served on her and others on 31 August, 2010..

A source at the SFU told P.M.NEWS that their investigation revealed that on getting wind of her arraignment before a law court over the alleged fraud, Mrs. Olushola fled to the United States of America.

“Our visits to her office and residence revealed that the woman has travelled out. We learnt she travelled on the night of the day we served her the notice of arraignment,” the source disclosed.

The notice of arraignment served Mrs. Olushola read in part: “This is to notify you that criminal charges have been filed against you, Mrs. Ayodele Olushola by the Federal Ministry of Justice, and this unit is to arraign you in court to answer to the charges against you…”

The Spring Bank MD, who was named as an accessory to the N5.2 billion fraud in the bank which involved the National Sports Lottery Plc and Strand Capital Partners Ltd, was charged to court along with Michael Ajamah, Lanre Odunlami, Awele Nwaboshi, Gladys Okebelama and Olubukola Moradeyo.

It was further learnt the five-count charge slammed on the accused in case No. FHC/L/284/10 charged to the Federal High Court, Ikoyi, Lagos is being prosecuted by Chief Wole Olanipekun (SAN), Dele Adesina & Co. and Legal Resources Alliance.

The charges include conspiracy to steal, obtaining by false pretence, forgery and accessory after fact of stealing.

The Spring Bank MD and her company were particularly charged with accessory after fact of stealing of the sum of N5.2 billion being the property of Strand Capital Partners Ltd, thereby committing an offence contrary to section 519 and punishable under the Criminal Code, laws of the Federation of Nigeria, 2004.

The case, which was first mentioned on 5 August, 2010, but was adjourned till 7 October, 2010 as neither the suspects nor their lawyers were in court.

The court has, however, mandated the Special Fraud Unit, SFU, to produce the suspects for arraignment on the next adjourned date, 7 October, 2010.

Mrs. Olushola was one of the seven managing directors appointed by the Central Bank of Nigeria, CBN, on 2 October, 2009 to replace the sacked ones.

She replaced Charles Ojo in Spring Bank.

Forbes List billionaire, Alhaji Aliko Dangote has learnt that in indeed the law is no respecter of persons. For failure to show up in court today, as prescribed by a Lagos federal high court presided by Justice James Tsoho, the billionaire was declared WANTED

Delivering his ruling, Justice Tosho said that Alhaji Dangote, who stayed away from the court’s last deliberation, was in perpetual contempt of court and ordered him to be arrested and detained till October 26^th.

Huhuonline.com checks reveal that the once powerful Dangote has fled to Dubai, a country that has no extradition treaty with Nigeria. However, sources told that the court may enlist the services of Interpol, if necceasy, to execute its warrant.

Nevertheless, Aliko Dangote becoming a fugitive from Justice, will negatively impact Dangote Groups, as he must sign approvals above five thousand naira. said a company source.

It is recalled that Justice Lambo Akanbi had on March 12, 2010 , nullified the election of Dangote as the President and Chairman of the Council of NSE following an application by some shareholders of African Petroleum (AP).

The shareholders had argued then that after a court had on August 4, 2009 , ordered all the parties to maintain the status quo in a suit they instituted, challenging Dangote’s membership of the Council of NSE, the NSE went ahead and conducted its election on August 2009, where Dangote allegedly emerged president. An action that made the shareholders, in a form 49 (motion for committal) filed a suit against Dangote, Okereke-Onyiuke and Igbinosun, saying that the trio conspired by allowing Dangote to preside over the affairs of NSE despite the existence of the order.

At the court proceedings, counsel representing Dangote, Ricky Tarfa (SAN) had argued that before the court can consider the issue of contempt, it must first entertain a motion challenging its jurisdiction to entertain the case by citing the judgment of the Supreme Court in the case of Ebhodaghe and Okoye..

But in his response, Aniakor, counsel for the shareholders, flawed Tarfa’s argument, saying it was not the true position of the judgment of the apex court and urged the court to issue a warrant for the production of Dangote and Okereke-Onyiuke, who were absent in court.

“The Supreme Court added a proviso to the judgment to the effect that in the event that if there was an application seeking to protect the integrity of the court and another one challenging the court’s jurisdiction, the court would have to first determine the one that had to do with its integrity.”

After reviewing all the arguments by both counsels, Justice Tsoho upheld Aniakor’s submissions, and held that the contempt proceedings must take precedent over any other application, being the one seeking to protect the integrity of the court.

In addition, the court has struck out the name of Ndi- Onyuike from the case.