Justice Buba found Pastor Abrefera and Reverend Okpogo including their company, Mustard Seed Micro Investment Limited guilty on a four count charge of carrying out banking practice without license. They were said to have collected over N1 billion from different individuals and organizations as deposits in an illegal banking practice. They have also failed to account for all the deposits they collected.
Mustard Seed Micro Investment Limited was
convicted on two counts and fined N2 million on each of the counts. Pastor Abrefera and Reverend Okpogo, both directors of Mustard Seed Micro Investment limited, were also convicted on two counts and sentenced to 10 years imprisonment each. They were equally fined N2 million on each of the counts. The terms are to run concurrently.
The pastors were said to have sometimes between 2006 and 2007 at Warri, Delta State engaged in banking practice without the required banking license and thereby committed an offence contrary to section 2(2) of the Banks and Other Financial Institutions Act, Cap B3, Vol 2, Laws of the Federation of Nigeria 2004.
Part of the charges reads: “that Pastor Glory Okeoghene Abrefera, Reverend Vincent Okpogo and Mrs Nonye Abrefera (still at large) whilst being directors of Mustard Seed Micro Investment Limited sometime between 2006 and 2007 at Warri, Delta State within the jurisdiction of the Federal High Court knowingly consented to the carrying on of banking business without a valid licence by the company thereby committed an offence contrary to Section (2) and 49(1)of the Banks and other Financial Institutions Act Cap B(3), Vol 2, laws of the Federation of Nigeria 2004”.
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