The Managing Director of Dana Air, Mr. Hathiramani Ranesh, is now the subject of an arrest warrant issued by the Federal High Court in Abuja following his alleged failure to appear in court to address charges related to a multi-billion naira fraud case.
The Attorney General of the Federation filed a six-count charge against Ranesh and two co-defendants, accusing them of various financial misdeeds and asset manipulation. According to court documents, Ranesh and others allegedly conspired to misappropriate industrial assets and funds intended for the revival of Dana Steel Rolling Factory in Katsina.
In the first charge, Ranesh and his co-accused allegedly removed and sold four industrial generators, valued at over N450 million, which were part of a collateral arrangement with Ecobank. Prosecutors argue this action violates the terms of a Deed of Asset Debenture.
In another charge, prosecutors allege that Ranesh and the other defendants conspired to divert N864 million in April 2014. The funds, originally part of a bond issued by Ecobank to support operations at the steel factory, were reportedly redirected for purposes unauthorized by the bond agreement.
Further charges state that N60.3 million was transferred to a private account with Access Bank, allegedly without proper authorization. The total amount implicated across all charges is N1.374 billion.
Justice Obiora Egwuatu granted the arrest warrant, citing the Administration of Criminal Justice Act (ACJA) of 2015, which authorizes the court to act against any defendant who fails to attend proceedings. “The 1st defendant is bound to appear before the court, and if he does not, the court can issue a warrant for his arrest,” Justice Egwuatu stated.
Federal Government attorney, Mojisola-Okeya Esho, had earlier requested the warrant due to Ranesh’s absence, emphasizing the seriousness of the allegations against him. Defense lawyer B. Ademola-Bello, however, contended that a preliminary objection challenging the court’s jurisdiction had already been filed and served to the prosecution. Esho, countering the defense’s stance, argued that the defendants’ presence in court was essential.
The court has adjourned the case to January 13, 2025, for further hearing, by which time Ranesh is required to be present.
