The Economic and Financial Crimes Commission have array a Lagos businessman and former Managing Director of Raremax Global Investments Limited, Fidelis Umukoro, before Justice Mojisola Dada of a special offence court in Ikeja, Lagos, over alleged N164 million fraud.
The commission accused the defendant through its counsel T.J Banjo on Monday on charges of diversion of funds from A&P Foods Limited to other companies when he was the authorised signatory to the account of A&P Foods Limited without being lawfully authorised to do so.
During cross-examination, the prosecution alleged that the defendant diverted the funds to Raremax Global Investments Limited, where he was a former Managing Director, and to other companies in which he had interests.