Exclusive: Details Of How P’Harcourt Businessman Duped Sterling Bank Of N200m


A business man, Jonathan Alatoru has duped Sterling Bank of N200 million, reports The Gazelle News.com. 

According to the Economic and Financial Crimes Commission (EFCC), Alatoru, Managing Director of Chemtronics Nigeria Limited alongside with his company committed the offence in 28 August, 2012 in Port Harcourt, Rivers State. 

This medium learnt that Olatoru and his company presented fake contract papers to Sterling Bank to obtain a loan of N200 million. The document presented was titled: Domiciliation of Payment In Respect of Chemtronics Nigeria Limited which was presented as an evidence that the company had a valid contract with the Federal Ministry of Niger Delta Affairs for the construction of a skill acquisition centre in Iguelaba, Benin City, Edo State. 

The Gazelle News.com learnt further that the contract was indeed initially awarded to the Chemtronics but was terminated in November, 2011.

However, Olatoru and his company dubiously used the papers of the voided contract to obtain a loan of N200 million from Sterling Bank with intent to defraud the bank. 

The EFCC was invited and Olatoru was consequently arrested, interrogated and eventually arraigned at the Federal High Court in Port Harcourt. 

On Friday, 19 March, 2021, Justice M.T. Mohammed of the Federal High Court sitting in Port Harcourt, Rivers State convicted and sentenced Alatoru, and his company to 10 years imprisonment for conspiracy to commit felony and obtaining money under false pretense to the tune of N200 million. 

The offence runs contrary to Section 1 (2) (c) of the Miscellaneous Offences Act CAP M17 of the Revised Edition (Laws of the Federation of Nigeria) 2007 and punishable under Section 1(2) of the same Act.

Justice Mohammed convicted them on after they pleaded “guilty” to amended 11- count charges, following their arraignment by the Port Harcourt Zonal Office of the Economic and Financial Crimes Commission (EFCC).

One of the charges reads: “That you  Chief Jonathan Alatoru being the Managing Director of Chemtronics Nigeria Limited, on about the 28th day of August, 2012, at Port Harcourt, Rivers State within the jurisdiction of this Honorable Court with the intent to defraud did make a document titled, RE:DOMICILIATION OF PAYMENT IN RESPECT OF CHEMTRONICS NIGERIA LIMITED, purportedly issued by Emmanuel-Director (Finance and Account)  for the Honorable Minister for Niger Delta Affairs  and with the intent that its content be acted upon as genuine which you knew to be false and thereby committed an offence contrary to   Section 1 (2 ) (c) of the Miscellaneous Offences Act CAP M17 of the Revised Edition ( Laws of the Federation of Nigeria) 2007 and punishable under Section 1(2) of the same Act”.

Based on the defendants’ “guilty” plea, prosecution counsel, J.N. Dogoyaro prayed the court to convict and sentence them accordingly.   He was not opposed by the defense counsel, Max Ogar.

In his judgment, Justice Mohammed convicted and sentenced the defendants to three years imprisonment on counts 2 to 9 bordering on forgery and uttering. They were also convicted and sentenced to seven years imprisonment on counts 10 to 11 bordering on conspiracy to obtain by false pretense and obtaining money   by false pretenses. The 10 years imprisonment run concurrently.

The court further ordered that the Corporate Affairs Commission should wind up the 2nd convict (Chemtronics Nigeria limited).  In addition, the convicts were jointly ordered to pay back the N200 million fraudulently obtained from Sterling Bank.

Related Articles

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker