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Platinum Multi-Purpose Co-operative Society MD, Michael Osagogie Jailed Over N11.4bn Fraud


EFCC, Lagos Zonal office, on Thursday, May 24, 2018, arraigned one Michael Obasuyi Osasogie alongside his firms - Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited - before Justice Justice Mojisola Dada of the Special Offences Court sitting in Ikeja on a 14-count charge bordering on stealing to the tune of over eleven billion Naira (N11, 498, 944, 038.29), an offence which is contrary to Section 285 (1) of the Criminal Law of Lagos State, 2011.

One of the counts reads: "That you, Michael Obasuyi Osasogie, Platinum Multi-Purpose Co-operative Society, SmartMicro Systems Limited and Platinum Smart Cruise Motors Limited, sometime in the year 2016 in Lagos within the jurisdiction of this Honourable Court, conspired to commit felony, to wit: stealing of the sum of N11, 498, 944, 038.29 (Eleven Billion, Four Hundred and Ninety Eight Million, Nine Hundred and Forty Four Thousand, Thirty Eight Naira, Twenty Nine Kobo) property of First Bank Nigeria Ltd."

In view of his plea, the prosecution counsel, Rotimi Oyedepo , urged the court to allow Orji Chukwuma,  an investigator with the EFCC and one of the witnesses listed in the case, to clearly explain his findings during the investigations.

Oyedepo also pleaded with the court to allow a projector and camera to be mounted within the court room so as to ease the explanation of the prosecution witness. The court granted the prayers of the prosecution counsel and also stood the matter down for the projector and camera to be mounted.

When the case was later called up, Chukwuma affirmed all the allegations levelled against the defendant by the Commission and also told the court how the proceeds of crime were housed in some new generation banks

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