Dominic Essien the Ceo of SEED Media Limited is standing trial at a Lagos High Court based on allegations that he swindled top telecommunications copany, MTN Nigeria of amount close to three hundred Million Naira (About $2 million USD)
According to a case brought against the former banker by Economic and Financial Crimes Commission (EFCC), Essien allegedly defrauded MTN Nigeria to the tune of N252 million Naira. He was said to have obtained the sum from the telecom company under the pretext that the money represent the cost of purchase and stock of loyality incentives/gifts from TLC marketing worldwide for MTN Nigeria costomers. Essien allegedly converted the money instead to personal use and gain.
Gistmaster.com gathered that Essien's total deal with MTN was N300 Million but he was paid N252 Million as mobilization fee.
Essien who was brought before Justice O.A Akinlade this morning (Monday 21 February 2011) pleaded not guilty to the charges made by the anti-graft agency gainst him.
Dominic Essien, who is reportedly the rep of yahoo! in Nigeria was reminded in prison custody while the case has been adjourned till 24 March when the hearing for bail application would come up.