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• Ohakim descends on ‘Okada' operators
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• Nyako disowns debts inherited from Haruna
• UNN VC bags AASU 2007/08 Award
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• Ohakim targets improved child health

Relating Stories

•Troubled oil industry: Military top brass
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• MTN stranded: As Reliance ends merger talks
• Intercontinental vs. Water-Parks: Winfunke denies duping Jimoh Ibrahim
• FG, TUC disagree over fuel subsidy
• Shareholders endorse Omatek
• ALSCON imports alumina
• Celtel network suffers collapse
• Stakeholders urge FG to expedite industrial growth
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Intercontinental vs. Water-Parks: Winfunke denies duping Jimoh Ibrahim

•Calls court's arrest order a ruse

By EMMANUEL UDOM

THE lingering legal tussle between one of the country's top banks Intercontinental Bank Plc and a successful entrepreneur in the tourism and hospitality industry, Otunba Feyisayo Winfunke, took a fresh dimension recently when an Igbosere Magistrate court ordered the arrest of the controversial hotelier and owner of Water Parks Limited for conspiracy, stealing and obtaining under false pretences.

The warrant of apprehension which was issued by the Chief Magistrate, Mr. Philip Ojo on Wednesday, July 16, 2008, directed all police formations in the country to arrest Winfunke and bring him to his court to answer some criminal complaint against him and consequently be tried in accordance with the law.

National Daily reliably gathered that armed with the order, the Police have already begun a manhunt for Winfunke. In the pending case between the Commissioner of Police and the 55 year old businessman, Winfunke is being sued on a five count charge of conspiracy, obtaining money under false pretences, stealing of Certificate of Occupancy, (C OF O). In the first Count charge, the police said: “that Winfunke on the 28th day of September, 2005 at the Lands Registry, Alausa, Ikeja, Lagos in the Lagos Magisterial District conspired with others at large to commit felony by obtaining money under false pretences and stealing and thereby committed an offence contrary to and punishable under section 516 of the Criminal Code Law Cap C. 17 Laws of Lagos state of Nigeria 2003.

Other charges stated, “That Winfunke on the 28th day of September, 2005 at the Lands Registry, Alausa, Ikeja Lagos, in the Lagos Magisterial District did steal a file/duplicate copy of a Certificate of Occupancy No. 77/77/1988c from the archives of the lands Registry, Alausa, Ikeja and thereby committed an offence contrary to and punishable under section 390(4) (f) of the Criminal Code Law Cap C. 17 Laws of Lagos State of Nigeria 2003.

“That Winfunke on the 28th day of September, 2005 at KM 22, Lagos/Epe Expressway, IIaje Bus Stop, Ajah, Lagos, in the Lagos Magisterial District with intent to defraud offer for sale property covered by a Certificate of Occupancy registered as No. 77/77/1988c to Barrister Jimoh Ibrahim and presented a stolen file/duplicate copy of the said Certificate of Occupancy No 77/77/1988c to Jimoh Ibrahim knowing fully well that the said Certificate of Occupancy was a duplicate copy/stolen and thereby committed an offence contrary to and punishable under section 419 of the Criminal Code Laws Cap c. 17 Laws of Lagos State of Nigeria 2003.

“That Winfunke on the 28th day of September, 2005 at KM 22, Lagos/Epe Expressway, llaje Bus Stop, Ajah, Lagos, in the Lagos Magisterial District attempted to defraud Intercontinental Bank Plc. by offering for sale to Jimoh Ibrahim property covered by Certificate of Occupancy No. 77/77/1988c which property at that material time was subject to an unexhausted Mortgage created by a deposit of the original Certificate of Occupancy No 77/77/1988c with the said Intercontinental Bank Plc. and thereby committed an offence contrary to and punishable under Section 490 (1) of the Criminal Code Law Cap C. 17 Laws of Lagos State of Nigeria 2003.

“That Winfunke on the 28th day of September, 2005 at KM 22, Lagos/Epe Expressway, llaje Bus Stop, Ajah, Lagos, in the Lagos Magisterial District stole the sum of N3million (Three Million Naira Only) property of Jimoh Ibrahim and thereby committed an offence contrary to and punishable under Section 390 (9) of the Criminal Code Law Cap C. 17 Laws of Lagos State of Nigeria 2003.”

It would be recalled that the wanted Otunba had in 2003 sought and obtained a credit facility from the old Gateway Bank and secured same with a piece of land in Lekki, Lagos to which he deposited the original certificate of occupancy. However, with the merger of Gateway Bank and two others with Intercontinental Bank in 2005, the later inherited the indebtedness of Winfunke.

In order to repay the loan, Winfunke unconditionally sold the collateralized land to one Barrister Kunle Ogunba and used part of the proceeds to off set his other personal financial commitments and hotel project going on then. One year later, Winfunke returned to the Bank to reclaim the land earlier unconditionally sold to the buyer and embroiled the Bank in a campaign calculated to embarrass it.
Winfunke, however informed National Daily that the development was an attempt by Intercontinental Bank to rubbish him. He denied defrauding Jimoh Ibrahim. According to him, the foremost bank is scared of the law suit he has instigated against it over the controversial Lekki land. The actual law suit in which he was claiming N5billion compensation from the bank, he said, is still pending before a Lagos High Court and that a petition has been forwarded to the National House of Representatives regarding the land dispute.