Lekki Top Shot, Edith Ezeala, Hubby, Lambert In N300m Fund Diversion Mess

…in court to stop First Bank, EFCC from prosecuting

Lekki Top Shot, Lady (Chief) Edith Ezeala and her husband, Chief Lambert are currently at the centre of a Three Hundred million naira fund diversion mess. And they are also in court to protest their innocence.

But despite this move by the quietly popular couple the complainant First Bank of Nigeria maintain Lady Edith Ezeala and her Hubby, Lamber have committed a criminal act and the Economic and Financial Crimes Commssion should investigate the matter and bring them to justice.

The managemnet of the bank inistituted this move via a petition it sent to the office of anti economic crimes agency, Economic and Financial Crimes Commission (E.F.C.C).

According to the petition in November 2007, Edith Ezeala and her husband using their company, Edla Petrochemical limited sought and secured approval for a warehousing and procurement finance facility from the Apapa branch of First Bank of Nigeria plc. It was to finance petroleum proudct procurement.

Part of the conditions mutually agreed to in getting the loan facility were:

The joint personal guarantee of Lady (Chief) Edith Ezeala and Chief Lambert Ezeala
A tripartite warehousing agreement between Edla Petrochemicals Limited, a bank appointed warehousing agent and First Bank of Nig Plc.
That the bank shall have overiding authority while the product is stored and held at the storage facility.

The bank reportedly appointed Continetal Logostics Limited as the warehousing agent to carry out the role of sales monitoring agent, to monitor sales outflow and physiaclly inspect the tank farm on it behalf.

Part of the stipulations on sales of product is that First Bank must approve and payment must be made into the loan repaymnet account before product is released to any Edla Petrochemicals appointed customer.

Documents made available to www.societynowng,com revealed that Lady Ezeala and her husband allegedly diverted all of three hundred million naira worth of product and sold it off without recourse to any of the agreement- and that all cheques they issued to reduce the debt bounced!

The bank appointed agent in charge, Continental Logistics reportedly expressed shock at how they were able to perpetrate this act.

The bank is said to have contacted the EFFC to investigate the matter while Lady Ezeala and her hubby headed to a federal high court in Lagos and insitituted a legal action with suit no ID\1137\09 dening the allegations and maintaining their relationship with First Bank is purely a business relationship and civil matter that doesnot warrant the involvemnet of the EFCC.

The EFFC was said to have detained and released Lady Ezeala on bail as part of investigation into the matter.

The matter is still on going.