The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) arraigned Joel Mba Okodi before the Imo State High Court, sitting in Owerri, on charges related to an alleged fraud amounting to N140 million.
Mr. Okodi faced an eight-count charge before Justice C.C. Okereke, which included accusations of stealing and the issuance of a dishonored cheque. Count 8 of the charge specifically cited an incident on September 12, 2019, in Orlu, where Okodi allegedly issued a First Bank Cheque for N10 million in favor of Pauly Merchandise Enterprises, which was subsequently dishonored due to insufficient funds.
Upon hearing the charges, Okodi pleaded ‘not guilty.’ In response, the prosecuting counsel, M.T. Iko, requested a trial date, a request unopposed by the defense counsel, N.N. Chukwuemeka. The defense, however, sought the court’s permission for bail, which Justice Okereke granted. The bail was set at N50 million, requiring two sureties of similar value. These sureties must swear to affidavits confirming their means of livelihood and possess landed properties with Certificates of Occupancy (C of O). Additionally, the defendant was instructed to produce a three-year tax clearance for identification purposes.
Justice Okereke scheduled the commencement of the trial and the hearing of the bail application for February 29 and March 7, 2024, respectively. Until the bail conditions are fulfilled, the defendant is to be remanded in prison custody.
Joel Mba Okodi’s arrest stemmed from allegations made by a petitioner in 2018. The petitioner claimed that Okodi, along with his firm, Okosi Brown Enterprises Limited, and others who are currently at large, posed as representatives of the Akwa-Ibom state government. They purportedly convinced the petitioner to purchase a dilapidated Abestonic Industrial Scrap Company in Oron Local Government Area for N140 million.
The petitioner made an initial payment of N52 million, expecting to pay the balance of N88 million within two weeks. However, it was later revealed that the authorization from the state government for Mba and his associates had been reversed. Subsequently, Okodi allegedly issued a dishonored cheque, and attempts to recover the remaining funds were reportedly unsuccessful.
