Kanu Loses N1.4 Billion In Hotel Business; His MD Arrested For Fraud

Ex-Nigeria star Nwankwo Kanu has lost N1.4bn (about $100m) to fraudulent activities involving top management staff in his hotel. Consequently, a top executive of the hotel has been arrested and charged to court by the police in Lagos.

Managing Director of Hardley Suites Hotel in Lagos, Ayoola Gam Ikon, and a senior staff of the hotel, Oke Samuel, have been arraigned for allegedly stealing the N1.4bn belonging to the football star.

They were arraigned before an Igbosere Magistrate’s court on a 19-count charge of felony to wit, obtaining money under false pretense.

The police alleged in charge suit No. K/8/2013 that Ikon was arrested following a complaint by the management of Hardley Suites Limited, Nwankwo Kanu and Ogbonna Kanu, that Ikon between 2005 and 2012 allegedly defrauded them of the sum of about N1.4bn on the pretense of using the money to expand the existing facilities of the hotel by constructing and furnishing of additional blocks of 30 suites and conference facilities.

But he allegedly failed to use the money for the purpose and allegedly converted the money to his personal use. He was also alleged to have forged a special resolution purportedly made by the board of directors of Hardley Suites Limited to obtain loans of N187m, N50m and N493m from Skye Bank Plc without authorization.

The offences, according to the prosecutor A.M. Animashaun, contravenes sections 8 (a) 1 (a) of the advanced fee fraud and other fraud related offences Act 2006 as applicable in Lagos State.

The accused pleaded not guilty to all the charges.

Chief Magistrate, O.O. Oshin admitted the first defendant to bail in the sum of N1m with two sureties in like sum. One of the sureties must be the defendant himself; the other should be a civil servant on level 16.

She also admitted the second defendant to bail in the sum of N500,000, with two sureties in like sum. One of the sureties must be a level 16 civil servant while the other must be working with a reputable company.

She adjourned the matter till April 4, 2013.