Justice Buba found Misters Abrefera and Okpogo including their
company, Mustard Seed Micro Investment Limited guilty of a four counts
of carrying out banking practice without licence. The accused persons
were said to have collected over N1 billion from different individuals
and organizations as deposits in an illegal banking practice. They have
also failed to account for all the deposits they collected.
Mustard Seed Micro Investment Limited was convicted on two counts and
fined N2 million on each of the counts. Misters Abrefera and Okpogo,
both directors of Mustard Seed Micro Investment limited, were also
convicted on two counts and sentenced to 10 years imprisonment each.
They were equally fined N2 million on each of the counts. The terms are
to run concurrently.
The accused persons were said to have sometimes between 2006 and 2007
at Warri, Delta State engaged in banking practice without the required
banking license and thereby committed an offence contrary to section
2(2) of the Banks and Other Financial Institutions Act, Cap B3, Vol 2,
Laws of the Federation of Nigeria 2004.
Part of the charges against the accused persons reads: “that Pastor
Glory Okeoghene Abrefera, Reverend Vincent Okpogo and Mrs Nonye Abrefera
(still at large) whilst being directors of Mustard Seed Micro
Investment Limited sometime between 2006 and 2007 at Warri, Delta State
within the jurisdiction of the Federal High Court knowingly consented to
the carrying on of banking business without a valid licence by the
company thereby committed an offence contrary to Section (2) and 49(1)of
the Banks and other Financial Institutions Act Cap B(3), Vol 2, laws of
the Federation of Nigeria 2004”.
The pastors were arrested following a petition filed by some of the
depositors to the EFCC, detailing the dubious activities of the accused
persons. The EFCC subsequently intervened, investigated the activities
of the voodoo bank and arraigned the suspects in 2011.
Counsel to EFCC, G. K. Latona described the judgment as a milestone
in the Nigerian judiciary. He said it was the first time that persons
were convicted for carrying out banking practice without the required
licence. He said the judgment would serve as a deterrent to other
persons engaging in such nefarious activities.
Follow @damilblog on twitter
Credit: Channels TV




