Aviation fuel firm tackles Access Bank over alleged N1bn fraud, MD resigns

An investigation conducted by the Zone 2 Police Command, Onikan, Lagos, has indicted some members of staff of Access Bank Plc colluded with the erstwhile Managing Director of an aviation fuelling company, Star Orient Nigeria Limited, Dare Osamo, and others to launder about N1bn.

This was contained in the report of the investigation dated February 18, 2021, and signed by the Deputy Commissioner of Police, Umar Shelleng, on behalf of the Assistant Inspector-General of Police, Zone 2 Command Headquarters, Ahmed Iliyasu.

The report stated that the petitioners, Olanrewaju Bamgbose and Isaaki Adewole, directors of Star Orient Nigeria Limited, alleged collusion between Access Bank and Osamo to steal from the company and engage in money laundering and forgery.

The report also stated that the petitioners alleged that the account used in perpetrating the crime was opened with forged board resolution, omission of know-your-customer due diligence and fake Eko Electricity Distribution Company’s bill, which the EKEDC reportedly disowned in writing.

The report read in part, “That the bank had two different statements of account for the same account; that Access Bank had assisted Osamo to remove sums amounting to over N600,000,000 by holding back the true bank statement from the company, which then created room for Osamo to remove the sums alleged.

“The suspect, Osamo, made capital payment without approval of the Board from the period 2015 – 2019 to the tune of N428,056,023.95; there were no invoices, receipts or quotations from any of the payees to substantiate the payment. He diverted to himself N45,584,499.00 advance payments from Airpeace Limited and Execujet for supply of products. He then used joint venture products to supply to Airpeace and Execujet. That the suspect had grossed a total loan of N233,584,625,08 without disclosure to the joint venture partner, converting the proceeds of the loan and leaving its liability to the company.

“The petitioner further alleged that the suspect wholly diverted N1,053,000,000.00 brought in through injection of products into Star Orient Nigeria Limited by the company’s joint venture partner, Shibahwell Energy Service Limited.

“The petition against the suspect was thoroughly investigated, during which the partners and their witnesses volunteered statements in support of their petition against the suspect, and they produced documentary evidence in support of the petition. On the strength of the petition and evidence presented by the petitioners and witnesses, the suspect was invited and he was duly cautioned in respect of the criminal allegations in the petition against him, and in response, he volunteered a statement to the police.

“Police investigation was extended to the affected banks, Corporate Affairs Commission, Star Orient Nigeria Limited Office, as well as the Forensic Laboratory at the Force Criminal Investigation Department, Alagbon Close, Ikoyi, Lagos, for forensic investigation of the documents and signatures the suspects was alleged to have forged to perpetrate the crime reported against him.

“By the forensic analysis obtained on investigation, the signatures by which board resolutions were presented to the banks were shown not to be those of the second director, Olanrewaju Bamgbose of Star Orient Nigeria Limited. The signature of one of the persons said to have signed as company secretary was a poor imitation of another person’s signature entirely. The result of investigations of forgery is the same for the two banks.

“At the conclusion of the police investigation, a strong prima facie case of conspiracy, forgery, obtaining money by false pretences and stealing were established against the suspects, Dare Osamo, and others. It was found that the offences could not have been carried out successfully without the parts willingly played by the two banks petitioned against. Their case went beyond ordinary negligence. However, the case file has been forwarded to the Directorate of Public Prosecutions for legal advice.”

PUNCH Metro contacted parties mentioned in the report and during an independent fact-checking with the EKEDC to determine the authenticity of the utility bill used in opening the account allegedly used in perpetrating the crime, the Chief Legal Officer/Company Secretary, EKEDC, Wola Joseph, said, “It (utility bill) didn’t originate from Eko Disco in any way or any form. We can’t track it on any of our systems, it didn’t originate from us and we have informed Star Orient.”

Star Orient Nigeria Limited said in a statement that an audit of its operational and accounting systems led to Osamo’s resignation, adding that the audit also revealed secret accounts opened and operated in its name in several banks in the country without the authorisation of the board.

It stated, “While these have since been referred to appropriate law enforcement agencies for investigation and necessary actions, important are two of such accounts domiciled in Access Bank, which had been used to divert company funds to the tune of N1bn. These accounts may have also been used to defraud other members of the business world as the company has been inundated by persons and companies, who seem to have been duped.

“In seeking understanding of the origin and actors of these fraudulent economic acts, the company had written to the Managing Director and Head of Compliance of Access Bank Plc since February 2020. They totally disregarded our letters and requests for information. As a result of the lack of cooperation from the bank, Star Orient reported to the Sub-committee on Ethics and Professionalism of the Bankers’ Committee of the Chartered Institute of Bankers, which recently availed our company of the bank accounts’ documents.

“Indeed, the account opening package is fraught with forgeries contrived for financial haemorrhage and money laundering activities. The general company and especially our customers are hereby warned not to pay for services and products from our company into any Access Bank account in the name of Star Orient Nigeria Limited until we advise to the contrary.”

When PUNCH Metro contacted Access Bank, its spokesman, Abdul Imoyo, said, “I need to see the police report; I need to know what the story is all about; I need to know everything that has happened on that account. Send me documentary evidence and let me take it to the legal unit to show them the things I have and ask if they are correct. What steps have they taken and when they tell me the steps they have taken, I will come back to you with the position of the bank.”

When contacted, the Registrar/Chief Executive Officer, CIBN, Seye Awojobi, said, “Unfortunately, I am not expected to speak to the press on parties’ matters as a matter of procedure and it is going to be a breach of the confidentiality of the process and procedure of the sub-committee. They (Access Bank) can speak; they are a party to the issue; I am an adjudicator and a mediator. I am sorry, I can’t speak on it.”

When contacted regarding the claims in the police report, Osamo hung up upon hearing that the enquiry was about his involvement with Star Orient Nigeria Limited.

He later called back and said, “This matter is already before the Federal High Court and I don’t know how you got the report, but I am going to give you my lawyer’s number so that you can talk to him. Everything that has to do with Star Orient is before the Federal High Court.”

The management of Star Orient, however, stated that “regardless of the fact that the company is in court on other matters with the former managing director and others, the Access Bank matter is not before any law court.”