The Economic and Financial Crimes Commission continues its prosecution of a Lagos businessman and former Managing Director of Raremax Global Investments Limited, Fidelis Umukoro, over alleged N164 million fraud.
The commission insisted on charges of diversion of funds against Umukoro who was facing trial in an alleged diversion of N164 million funds from A&P Foods Limited to other companies without being lawfully authorised to do so.
Counsel to the EFCC, T.J Banjo, on Monday, told Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos, that Umukoro allegedly diverted the funds when he was the authorised signatory to the account of A&P Foods Limited.
During cross-examination, the prosecution alleged that the defendant diverted the funds to Raremax Global Investments Limited, where he was a former Managing Director, and to other companies in which he had interests.