The Economic and Financial Crimes Commission, EFCC, Abuja Zonal Office today arraigned one Ifeanyi Israel, Managing Director of UI Properties Limited before Justice J.E. Obanor of the Federal Capital Territory High Court, Abuja for offences bordering on criminal breach of trust and misappropriation of funds to the tune of N132, 503,000 (One Hundred and Thirty Two Million Five Hundred and Three Thousand Naira only).
The one count charge reads: “that you Ifeanyi Israel and UI Properties Ltd sometime in 2006 at Abuja within the jurisdiction of the Federal Capital Territory High Court, being entrusted to collect and remit rent from tenants from 6 properties at Wuse Zone 6, Utako, Garki in Abuja and Lekki Phase 1 in Lagos by one Dr. J.K Okoye received a total sum of N132,503,000 000 (One Hundred and Thirty Two Million Five Hundred and Three Thousand Naira only) from the tenants, dishonestly misappropriated the stated sum to your own use and thereby committed an offence contrary to section 311 and punishable under section 312 of the Penal Code Act, Laws of the Federation (Abuja)”.
The defendant pleaded not guilty to the charge preferred against him and was admitted to bail.
The Court adjourned the case to 1st and 2nd July, 2021 for trial.