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The Economic and Financial Crimes Commission, EFCC, has preferred a 22-count charge against the duo of Mr.

 Adeniyi Elumaro and Mrs. Rakiya Mamman  and their Abuja-based Integrated Capital Services Limited, ICSL, 

for defrauding unsuspecting Nigerians to the tune of N405 million.  The suspects who were arraigned before a 

vacation judge, Justice Olukayode Adeniyi

of the FCT High Court, Abuja , however pleaded not quilty to the charges . After taking their plea, counsel to

 the first and second accused persons, F.N. Esangeo and S.I. Ugbe respectively canvassed for their bail, a move

 the prosecution counsel, Steve Odiase opposed.  Odiase said the offences for which the accused were arraigned

 carry jail terms ranging from seven to 20 years adding that in view of the gravity of the offences and punishments,

 the accused are likely to jump bail if granted. 

The judge in his ruling on the bail application however granted the defence prayer and gave them bail in the sum 

of N50 million each and one surety who must have a landed property within Abuja Municipal Area Council, AMAC. 

The surety must also swear to an affidavit that in case the accused persons jump bail, he\ she would take the position 

of the accused. The accused persons are however to be remanded in prison custody pending their fulfillment of the 

bail conditions. The duo of Elumaro and Mamman were alleged to have hoodwinked their victims to invest huge sums

 of money in major companies like MTN, Starcoms, Equatorial Trust Bank, Access Bank and City Link between January

 2006 and December 2008 under false pretences. As at the time of their arrest, no fewer than 16 prominent Nigerians had

 lost over N405 million to their phoney scheme. 

Some of their victims include some principal officers of the House of Representatives, Ministers and business executives. 

 According to the charge sheet, the offences allegedly committed by the accused contravene Section 8 (a) of the Advance 

Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.  One of the 

charges reads ”That you  Adeniyi Elumaro ‘’M’’ being the managing  Director of Integrated Capital Services Limited, 

Rakiya Mamman, “F” being the Executive Director of Integrated Capital Services Limited and Integrated Capital 

Services Limited on or about January 2006 to December 2008 in Abuja in the Abuja Judicial Division of the High

 Court of the Federal Capital Territory did with intent to defraud obtained the sum of N161,000,000( One hundred 

and sixty one million naira only) from one Hon. Usman Bayero Nafada by falsely representing to him that the said 

money was meant for the purpose of investing same into stocks and private placement such as ETB, Access Bank, 

MTN, Starcoms and City Link shares which you knew is false and thereby committed an offence contrary to 

Section 1 (1) (a) of the Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under 

Section 1 (3)of the same act.”  The case would however be returned to the Chief Judge of the FCT High Court to be 

re-assigned to another judge who will communicate the next adjourned date to all counsels for continuation of trial.