The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) has arraigned businessman Samson Davies and his company, Signature Advisory Limited, before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos on charges of stealing N190,791,494.
According to court documents, Davies and his firm allegedly converted funds belonging to Ronchess Global Resources Plc for personal use between October 2022 and October 2023 in Lagos.
Court Proceedings and Bail Conditions
During the arraignment, Davies pleaded not guilty to the one-count charge. Prosecution counsel C.C. Okezie requested a trial date and the defendant's remand, while defence counsel Ifeoma Esom applied for bail on liberal terms.
After considering both arguments, Justice Dada granted bail to the defendant in the sum of N50 million with two sureties in like sum. The court stipulated that one of the sureties must own property in Lagos, and Davies must surrender his international passport to the court.
The judge ordered that pending the fulfillment of the bail conditions, Davies would be remanded at a Nigerian Correctional Facility. The trial has been scheduled to commence on July 7, 2025.
This case highlights the EFCC's ongoing efforts to combat financial crimes and corporate fraud in Nigeria's business sector. The Commission continues to investigate and prosecute individuals and organizations involved in economic crimes that undermine the nation's financial integrity.
The alleged theft of nearly N191 million represents a significant case in the Commission's fight against corporate fraud, particularly as it involves a publicly traded company.
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