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Nigeria News: Transcorp chiefs remanded in prison

Three top chiefs of  Transcorp are to remain in prison till June 9 when their bail application will be heard.

They are standing trial on 32 counts filed by the Economic and Financial Crimes Commission (EFCC) over an alleged N15 billion fraud.

The accused are Group Managing Director, Tom Iseghohi, Deputy General Manager, Mike Okoli, and Company Secretary, Mohammed Buba

The three men are accused of conspiring to fraudulently award contracts and of mismanaging Nigeria Telecommunications Limited (NITEL).

The charge sheet said they used their official positions between May 2007 and September 2008 to defraud Transcorp of N15 billion through fraudulent contract awards.

Companies allegedly involved are Ankor P. Integrated, Hammattan Venture, Lansak International, and Global Information Technology based in the United States.

The EFCC counsel  alleged that Iseghohi approved the payment of the money without due process, and that the accused persons fraudulently transferred funds into the accounts of Global Employment Solution in the U.S.

An Abuja Federal High Court yesterday ordered that they  be remanded in Kuje prison

They pleaded not guilty when the charges were read to them in court.