A federal High Court sitting in Enugu, Tuesday granted the owner of a wonder bank in Enugu, Patrick Nwokike, his wife and Director, Rosemary Nwokike, N2 million bail each.

The two accused persons allegedly ran a Micro-finance bank known as “Let’s Partner with You’’ in which they collected over N6 billion from their customers on agreement of paying them 30 percent interest on amount invested.

Trouble ensued when they were unable to pay their customers the interest earlier agreed on and their refusal to pay back the money invested in the bank which made customers to petition the Economic and Financial Crime Commission, EFCC.

READ ALSO  Fayose dismisses Sheriff visit to Obasanjo, says; “It’s coming together of PDP enemies”

They were arraigned on a four count charge of conspiracy, stealing, conversion and illegal operation of a bank without license.

The prosecutor, Mr Harrison Ibekwute told court that the accused had in 2013, 2014, 2015 and 2016 issued advertisement inviting the public to deposit money with the bank without authorisation.

READ ALSO  FG promises to rehabilitate released Chibok girls

He also said that the bank had been operating without a valid license.

Ibekwute said the offences committed by the accused contravened Bank and Other Financial Institution Act, Law of the Federation.

The defense counsel, Mr Orji Nwafor-Orizu pleaded with the court to grant his clients bail as charges against them were bailable, which the prosecutor did not oppose.

READ ALSO  Swedish govt donates $56m worth items to humanitarian workers in Borno

The presiding Judge, Justice Dugbo Oghoghorie granted the accused persons a N2 million bail each and two sureties in like sum.

She ordered that the surety must be a Civil Servant of not less than Grade Level 12, residing and owning a landed property within the court’s jurisdiction.

Oghoghorie adjourned the matter till March 6, 2017 for trial.