The rise of corporate scandals in Nigeria has sparked a critical conversation about the need for transparency and accountability in business.
On Thursday, the Nigerian Government requested a Federal High Court in Abuja to issue a bench warrant for the arrest of Mr Hathiramani Ranesh, the Managing Director of Dana Air.
This request followed Ranesh’s failure to appear in court for his arraignment related to an alleged ₦1.3 billion fraud case.
Mojisola Okeya, the counsel for the Attorney-General of the Federation (AGF), presented this oral application before Justice Obiora Egwuatu.
She cited Ranesh’s ongoing absence, despite being summoned.
The Federal Government, through the AGF, has filed a six-count charge against Ranesh and two other individuals.
The case is registered as FHC/ABJ/CR/101/2021, filed by Moshood Adeyemi, the Deputy Director of Public Prosecutions in the AGF’s office.
Dana Group PLC and Dana Steel Ltd are named as the 2nd and 3rd defendants.
Details Of Charges Against Dana Air MD
The first charge alleges that Dana Air MD, Ranesh, along with the two companies and others still at large, committed a felony between September and December 2018 at Dana Steel Rolling Factory in Katsina.
They are accused of conspiring to steal and sell four industrial generators worth over ₦450 million.
These generators were part of a Deed of Asset Debenture used as collateral for a bond that was still active at the time.
In the third charge, Dana Air MD and others are accused of fraudulently diverting ₦864 million, intended to revive production at the factory, to unauthorised uses.
This allegedly occurred between April 7 and 8, 2014, at a location on the Oshodi-Apapa Expressway in Lagos.
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The fifth charge states that the defendants conspired to transfer ₦60.3 million to an Access Bank account belonging to Atlantic Shrimpers.
This money was also meant for the factory’s revival but was used for unapproved purposes.
In total, the charges involve the alleged misappropriation of ₦1.37 billion.
The offences are said to violate Section 516 of the Criminal Code Act, Laws of the Federation of Nigeria, 2004.
Court Proceedings
Ranesh has not appeared in previous court sessions.
On Thursday, when the case was called, Okeya requested the court to issue a bench warrant for Ranesh’s arrest due to his absence.
The defence lawyer, B. Ademola-Bello, opposed this request, arguing that they had filed a preliminary objection challenging the court’s jurisdiction, which had been served to the prosecution.
Okeya countered by stating that the defendants needed to be arraigned before any objections could be considered.
Ademola-Bello maintained that the objection should be resolved prior to the arraignment, citing relevant case precedents.
Justice Egwuatu then asked Ademola-Bello to reference any section of the Administration of Criminal Justice Act (ACJA), 2015, that supported his argument.
The judge adjourned the case until November 4, instructing both parties to address the court on whether the objection should be considered before the arraignment.
