The court also ordered the remand of Achi George, a former director of the bank, who was charged alongside Ukandu.
The two were remanded after pleaded not guilty to three counts charge of conspiracy and forgery leveled against them by the Economic and Financial Crimes Commission (EFCC).
The EFCC in a charge number ID/6722c/17, alleged that the two defendants, between February 6 and 7, 2012, conspired among themselves and forged the letter head paper of Mainstreet Bank Registrars Limited, with registration number: 613674, claiming that it emanated from Mainstreet Bank’s Registrars Limited.
The two defendants were also accused of forging a Corporate Affairs Commission (CAC) Form 2A, claiming that it emanated from CAC.
The offences according to the prosecutor, Zainab Otti, are contrary to and punishable under Sections 409, 363(1) and 361(1)(a), criminal laws of Lagos state of Nigeria, 2011.
The prosecutor told the court that the two defendants, who were formerly managing director and director of the company, had retired from the company, only to returned unlawfully to convert the company’s properties and bank account with Skye Bank, and holding illegal Board Meeting.
The prosecutor further told the court that the two defendants were arrested after investigation was conducted on a petition written by the Company’s lawyer, Dr. Charles Mekwunye. And they were consequently charged before the court.
However, the two defendants, pleaded not guilty to the charges.
Following their plea, their Lawyer, Samuel Agwuh, informed the court that he had filed bail applications, and urged the court to grant his clients bail in the most liberal terms.
Responding, the prosecutor, informed the court that they were just served with the applications, and needed time to respond.
The prosecutor consequently urged the court to remand the defendants pending when the bail applications will be heard.
Ruling on the submissions of both parties, the presiding Judge, Justice Olushola Ajibike Williams, ordered that the two defendants be remanded in prisons custody till, April 10, when their bail applications will be entertained.