Alleged Fraud-- A.G Moeller Not Registered By CBN – Witness

                   The Federal High Court in Lagos on Thursday heard that a firm, A.G. Moeller Limited, is allegedly not registered as a financial services company by the Central Bank of Nigeria (CBN).
                   A former Chief Accountant at Cross Country Limited, Mr. Godsday Chukwusa ,stated this while testifying in the trial of A.G. Moeller’s Managing Director, Adeloye Olukemi.
The police arraigned Olukemi before Justice Okon Abang for allegedly defrauding Cross Country chairman Bube Okorodudu, of N80million.
                Chikwusa had earlier testified that sometime in March 2007, Cross Country wrote the defunct Oceanic Bank Plc, Fidelity Bank Plc and EBN Finance Limited (a subsidiary of the defunct Intercontinental Bank Plc) and AG. Moeller for finance lease facilities to enable it buy some vehicles.

He said AG Moeller gave Cross Country N140 million to finance the acquisition of 40 buses with a tenor of 24 months at 60 per cent interest rate per annum.
But Chukwusa said the total sum payable to AG Moeller Limited at the end of the tenor stood at N228 million.
“For a transaction of N288million, Cross Country paid about N223million, but AG Moeller said the company was still owing N213million,” the witness said.
According to him, what Cross Country owed AG Moeller, include default charges, was N19million rather than N213million.