A Lagos State High Court sitting in Ikeja has remanded businessman Abdulkarim Muhammad Arome at the Ikoyi Correctional Centre over an alleged N336.9 million fraud involving Lotus Bank after he pleaded not guilty to the charges brought against him.
Arome, alongside his company, Cresco Oil and Gas Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice O. A. Okunuga on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
The EFCC alleged that Arome, Cresco Oil and Gas Limited and one Peter Daniels Prosper, who is currently at large, conspired in 2022 to unlawfully steal funds belonging to Lotus Bank.
According to the anti-graft agency, the defendants subsequently dishonestly converted an aggregate sum of N336,993,863.35 belonging to the bank to their personal use between 2022 and 2023.
Count one reads”Abdulkarim Muhammad Arome, Peter Daniels Prosper, (at large) and Cresco Oil and Gas Limited sometime 2022 at Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to Steal money, property of Lotus Bank”.
Count two reads: “Abdulkarim Muhammad Arome, Peter Daniels Prosper and Cresco Oil and Gas Limited sometime between 2022 and 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use an aggregate sum of N336.993,863.35 (Three hundred and thirty-six million, nine hundred and ninety-three thousand eight hundred and sixty-three Naira, thirty-five Kobo), property of Lotus Bank”.
When the amended charges were read, Arome and his company pleaded not guilty to all three counts.
The commission told the court that the alleged offences contravene Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, as well as Section 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
Following the arraignment, prosecution counsel, E. S. Okongwu, urged the court to fix a date for trial and requested that the defendants be remanded in a correctional facility pending the commencement of proceedings.
Counsel to the defence, however, informed the court of her intention to file bail applications on behalf of the defendants and appealed for a short adjournment to enable the applications to be heard.
In his ruling, Justice Okunuga ordered that Arome and his company be remanded at the Ikoyi Correctional Centre and adjourned the matter until October 7, 2026, for the commencement of trial.