Justice R. I Ahiakwo of the Rivers State High Court sitting in Port Harcourt has convicted and sentenced the managing director of Topsam Nigeria Limited and MCmalay Integrated Services Limited, Mr. Emmanuel Ayoola to six (6) months imprisonment with an option of fine, for issuing two dud cheques to settle some financial obligations totaling N8,000,000.00k( Eight Million Naira only) to a micro finance bank.
The convict was first arraigned in September 2012 by the Economic and Financial Crimes Commission, EFCC, on an amended 2-count charge bordering on issuance of dud cheques.
Ayoola was alleged to have issued
two dud cheques ( a First Bank Nig. Plc cheque no 0043425886 dated 23
March 2011 in the sum of Six Million Naira(N6,000,000.00) in favour of
Resort Saving & Loan Plc in the name of Topsam Nigeria Limited and
another, a Diamond bank Plc cheque no 32222021 dated 31 March, 2012 in
the sum of Two Million Naira(N2,000,000.00) in favour of the same Resort
Saving & Loan Plc in the name of MCmalay Integrated Services
Limited. Investigations by the EFCC showed that, when the cheques were
presented, they were returned unpaid due to insufficient funds.
The convict initially pleaded guilty to the charges pressed against him. However, midway into the trial, Ayoola instructed his counsel, D. Cole Esq to apply for a plea bargain, which was granted by the court.
Consequent upon the plea bargain, he pleaded guilty and the court
subsequently convicted and sentenced him to six months imprisonment with
an option of fine.
The court did not call for further restitution, as
the defendant, prior to the plea bargain, had made full restitution of
the total sum of Eight Million Naira (N8, 000,000.00).
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