“EFCC Arraigns Bennicle Investment CEO Over Alleged N20m Dud Cheques” — Court Grants N10m Bail

The Economic and Financial Crimes Commission has arraigned the Managing Director of Bennicle Investment Nigeria Limited, Mahwash Benedict Luka, and the company over the alleged issuance of two dishonoured cheques valued at N20 million.

Luka and the company were arraigned on Tuesday, July 21, 2026, before Justice A.A. Fashola of the Federal Capital Territory High Court sitting in Jabi, Abuja, on a two-count charge bordering on the alleged issuance of cheques that were returned unpaid due to insufficient funds.

In the first count, the EFCC alleged that Luka, while serving as the Managing Director of Bennicle Investment Limited, issued a First City Monument Bank cheque with the face value of N10 million to First Bank Nigeria Plc on November 29, 2023.

The commission alleged that the cheque, numbered 0024633617, was dishonoured when presented because there were insufficient funds in the account.

The EFCC said the alleged act was contrary to Section 1(1) of the Dishonoured Cheques Act and punishable under the relevant provisions of the same law.

In the second count, the commission alleged that Luka issued a Sterling Bank Plc cheque valued at N10 million to First Bank Nigeria Limited on August 29, 2016.

The cheque, numbered 60911474, was also allegedly returned unpaid due to insufficient funds.

Luka pleaded not guilty to the two charges on behalf of herself and Bennicle Investment Nigeria Limited, prompting the court to adjourn the matter for the hearing of the defendants’ bail application.

At the resumed proceedings on Friday, counsel to the defendants, I. Ashom, moved the bail application filed on behalf of Luka.

Ashom informed the court that a separate bail application had not been filed for the company but urged the judge to exercise the court’s discretion and grant bail to both defendants, noting that Luka was the Managing Director of the company.

Justice Fashola granted the defendants bail in the sum of N10 million with one surety.

The court directed that the surety must be a person of reputable character with a verifiable residential address.

The case was subsequently adjourned until October 22, 2026, for the commencement of trial.