EFCC arraigns woman for issuing dud cheques

The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned a mother of three, Mrs. Joy Folake Yobah, for allegedly issuing dud cheques valued at N50 million to a business partner.

Yobah, who is the Managing Director of Skyhigh Ventures Limited, was arraigned before Justice Sylvanus Oriji of the High Court of the Federal Capital Territory in Apo, Abuja, on a five-count charge, to which she pleaded not guilty.

She was said to have entered into a project financing agreement as “the contractor” with United Surgicals Limited as “financier.”

The financier and the contractor had entered into an agreement for United Surgicals Limited to finance Skyhigh’s sub-contract awarded to it by the Central Bank of Nigeria through an award letter referenced PSD/PP/GEN/PEL/001 and dated May 21, 2012 to install security surveillance systems at its Bauchi branch.

The contract was for a total consideration of N222, 836,551.07.

By the earlier agreement entered into by the parties, United Surgicals granted the sum of N40 million to Skyhigh as loan and that attracted a monthly interest rate of 15 percent.

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