N30m fraud: Ex-FCMB manager gets bail variation after three years

A Federal High Court in Lagos, on Monday, varied the bail conditions of a former Branch Manager of Finbank (now First City Monument Bank, FCMB), Rosemary Usifo, charged with N30 million fraud.
Usifo was arraigned by the Special Fraud Unit (SFU) of the Nigerian Police  Force (NPF) on December 5, 2013 on a one-count charge.
She was charged alongside her bank.
The accused, however, pleaded not guilty.
Following a bail application moved by defence counsel, Justice Saliu Saidu had granted the accused bail in the sum of N10 million with two sureties in like sum.
The judge had added that one of the sureties must be a blood relation with a landed property in Lagos while the other surety must be a public or civil servant of grade level 15 and above.
The judge ordered her remand at the Kirikiri Prisons, pending the perfection of her bail terms.
When the case was mentioned on Monday, Usifo’s counsel, Mr Olu Akanbi, informed the court of a motion seeking a variation of the bail conditions granted to her.
He prayed the court to remove the condition of one of the sureties possessing a property.
The application was not opposed by the prosecution.
Consequently, Saidu granted Usifo bail in the sum of N10 million with two sureties in like sum.
The court held that one of the sureties must be a public or civil servant of grade level 15, and serving with either the Federal or Lagos State Government.
The judge held that the court’s registrars and the prosecutor must be satisfied with the sureties.
He adjourned the case to March 16 for trial.
In the charge, the accused was alleged to have committed the offence in 2011.
The prosecution stated that the accused defrauded a bank customer, a retired Deputy Inspector-General of Police Mr Archibong Nkanga, of N30 million.
The sum was allegedly obtained from the fixed deposit account of the customer.
The prosecution submitted thatoffence contravened the provisions of Sections 1(2) (a), (c), and 3 (1) (2) of the Miscellaneous Offences Act, Cap. M17, Laws of the Federation, 2004.