Pastor arraign for alleged N200 Million fraud

According to reports, the EFCC has arraigned Jonathan Ibinabo Alatoru who claimed to be a pastor and the CEO of Chemtronics Nigeria Limited for an alleged conspiracy, forgery and false-fully obtaining the sum of N200 million from Sterling Bank.
The report states that the suspect, was initially granted bail by the commission was arrested by the EFCC officials on Thursday in Abuja.
It was gathered that the 55-year-old suspect had been awarded a contract by the Ministry of Niger Delta Affairs, Abuja for the construction of a skill acquisition centre at Igualeba, Orhiomwon LGA, in Edo State, to the tune of N1.7billion.
The contract, which was supposed to be completed within a year, was, however, terminated in 2011 when he could not complete the structure 18 months after.
However, the suspect allegedly approached Sterling Bank Plc. with some documents purported to have emanated from the Ministry to secure N200m bank loan facility.
In fulfilment of the requirements to obtain the bank facility, the suspect allegedly presented both the Certificate of Occupancy, C of O, of a property located in the G.R.A., Ikeja area of Lagos and another mortgage agreement letter as collateral in 2012.
Investigation, however, revealed that both documents belong to the late Vice-Admiral Babatunde Elegbede, a former military Governor of Cross Rivers State, who died in 1994.
According to the complainant, the suspect also allegedly presented a forged domiciliation payment letter, stating that the proceeds of the contract should be remitted to the bank for the servicing of the loan.