The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) on Thursday arraigned one Prof Uche Edwin for an alleged N1.4bn fraud before Justice Nicholas Oweibo of the Federal High Court sitting in the Ikoyi area of Lagos.

Edwin was arraigned alongside his companies, Visionary Integrated Consulting Limited, NEMAD Associates Limited and Revamp Global Enterprise, on 11 counts bordering on conspiracy, retention and conversion of funds to the tune of N1, 473,367,046.04.

The prosecutor, in a statement by EFCC spokesman, Wilson Uwujaren said the offences committed contravened Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) of the same Act.

Edwin pleaded “not guilty” to the charges.

In view of his plea, the prosecution counsel, C. C.Okezie, asked the court for a trial date and also prayed that the defendant be remanded.

The defence counsel, Mobolaji Akintunde, in response, made an application for bail on behalf of his client.

Akintunde prayed the court to admit his client to bail and also for his remand in the EFCC custody pending the perfection of the bail, if granted by the court.

In a short ruling, Justice Oweibo admitted the defendant to bail in the sum of N1m and two sureties in like sum.

The matter was adjourned till June 27, 2023 for the commencement of trial. (Channels TV)