The Economic and Financial Crime Commission (EFCC) has slammed a six-count charge of fraud and forgery against billionaire business mogul and Chairman of NICON Group of Companies, Barrister Jimoh Ibrahim.
Ibrahim’s absence in court on Tuesday stalled his arraignment before Justice Joseph Oyewole of the Lagos High Court, sitting in Ikeja.

When the matter was called, the EFCC prosecuting counsel, Mr A.A. Adetunji, informed the court that Ibrahim had been granted what he termed “administrative bail,” by the anti-graft commission and prayed the court to grant a short adjournment to enable EFCC produce the suspect.

According to the information before the court, EFCC alleged that Ibrahim fraudulently obtained a loan of N1 billion from the defunct Trade Bank Plc.
Specifically, EFCC alleged that sometime in September 2005, Ibrahim, with intent to defraud, forged a board resolution of a company, VGC Communication Limited to facilitate his obtaining of a loan of N1 billion.

Besides, the commission also wants the court to punish the bizman for alleged deliberate ultering of forged document to perfect his obtaining of the loan.
Furthermore, the anti-graft commission alleged that Ibrahim hoodwinked the bank into granting the loan by presenting himself as the group managing director of VGC Communication Limited.
The EFCC also accused Ibrahim of forging the letter of application for the loan in order to deceive the bank into granting it.

Meanwhile, the trial judge, Justice Oyewole, has adjourned the matter till July 30, 2008 to enable EFCC to produce the suspect in court for arraignment.