N3.7B Scam: Nigerian Army N50M Insurance Funds Depleted

Court Fixes Oct. 27 For Trial Of Ukiye Diongoli, Others, Over Defrauding Nigerian Army, 15 Others of N3.7B

A Federal High Court, sitting in Lagos, has adjourned the trial of a Nigerian businessman, Michael Ukiye Diongoli and his two companies, Uk-Dion Group and Uk-Dion Investment Ltd., till 27th October, 2023.

Mr. Diongoli and his two companies are alleged to have swindled some unsuspecting members of the public to the tune of N3.7-billion.

Sometime in June 2023, Michael Ukiye Diongoli and his companies – UK- Dion Group and Uk-Dion Investment Limited were arraigned before the Court on a 61-count charge of defrauding uncountable number of Nigerians to the tune of N3.7-billion.

In the amended 61-count charge suit No: FHC/L/338/2022 filed before the Court by the Police Prosecution Counsel from the Legal Section of Force Criminal investigation Department Annex, Alagbon Close, Ikoyi Lagos State, Ezema Susan, it was alleged that Michael Ukiye Diongoli and his companies and others now at large, between 2021 and 2022 with the intent to defraud, conspired among themselves to obtain monies from Nigerians under the pretext of being a registered financial institution and claims that they were into wealth management, wherein customers were invited to pay monies into their accounts on a fixed deposit system for a period of six months to one year, and that the customers will get back monies invested with interest.

This statement they knew to be false and thereby committed an offence contrary to Section 8(a) of the Advance Fee Fraud and other fraud related to offences Act, 2006 and punishable under Section 1(3) of the same Act.

According to the charge, some notable Nigerians alleged to have been defrauded by the Defendants are:

– Professor Onyekachi Green Nwankwo -N69,856,295.00,

– Dr. Basil Onugu – N11Million,

– Elizabeth Umenwa Nwankwo – N25Million,

– Chinyere Ogujeiofor – N24,036,411.00,

– Nnenna Ikubogh – N30Million,

– FSL Securities Limited – N200Million,

– Elizabeth & Anthony Ventures – N100,144,652,000,

– Catholic Charismatic’ Renewal -N11,500,000.00,

– MTN Employers Cooperative – N50Million,

– Colonel T. Chukwu (Retired) -N31Million,

– Obieme Adaku Kate – N205Million,

– Professor Iloeje Casmir – N109Million,

– Dr.Charles Ejekute-Obi – N345Million,

– Nigerian Army Welfare Insurance Scheme – 50Million,

– Olufemi Akinyemi – N85Million

– and Tedaki Events – N232Million.

It was also alleged that, the Defendants and others now at large, with intent to defraud fraudulently, issued Cheques for various sums of money, for the settling of thier indebtedness, and when the Cheques were presented for payment, they were returned unpaid, with inscription DAR and on further enquiry, it was revealed that they did not have the said sum standing to their credit in the said accounts.

Secondly, the said Cheques have been faced of by the bank, thereby committed an offence contrary to Section 1(1)(b) of the dishonored Cheques (Offence) Act Cap. D11 Laws of the Federation 2004 and punishable under Section 1(b)(1) of the same Law.

The Defendants are currently on bail.

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