Court Remands Bank MD, Others In Prison Over $166.9m Fraud
A Federal High Court, Lagos Thursday remanded a former Managing Director of Integrated Microfinance Bank Plc, Simon Ademola Akinteye in prison custody over alleged $166.9 million fraud.
The trial judge, Justice Mojisola Olatoregun ordered that Akinteye be kept in prison until he fulfilled the terms of his bail conditions after he was arraigned before her alongside a director of the defunct bank, Gabriel Adepoju by the office of the Attorney General of the Federation.
The two former bank Chiefs were arraigned before the court on a 10-count charge bordering alleged reckless granting of loans without collaterals.
They were alleged to have recklessly, without collateral approved credit facilities running into $166 million, and N33.250 million to themselves and one Mrs. Temitope Muhammed Imam.
In the charge, the bank’s former MD/C.E.O. Akinteye, who was slammed with nine counts of the charge, was alleged to have at different time withdrew from the bank’s account the total sum of N11 million and diverted it into his personal company named ‘Deblad Nigeria Limited’.
He was also alleged to have unlawfully withdrew total sum of $166 million, and paid total and remitted same to the account of the said Temitope Muhammed Imam, domiciled with Citi Bank N. A. of Utica/Clarkson, 702, Utica Avenue, Brooklyn New York, United State of America; and another account domiciled with Washington Mutual, 391, Eastern Parkway, Belford Avenue, New York, USA.
While the second defendant, Adepoju, was alleged to have withdraw total sum of N22.250 million, and diverted same to a limited liability company, Gad Press Limited.
The offences according to the prosecutor, A. I. Charles-Okoli (Mrs.), are contrary to under sections 18 (1)(a) and 18(3) and 15(1)(a)(I) Banks and other financial Institution Act Laws of the Federation of Nigeria, 2004, and punishable under Section 18(2) and 16(1)(a) of the same Act.
They pleaded not guilty to the charge and they were admitted to bail by the court in the sum of N10 with two sureties in like sum each.
The judge also ordered that the two sureties must not be below the rank of an Executive Directors in financial institutions, with affidavit of means and evidence of three years tax payment.
Justice Olatoregun has adjourned the matter till June 16 2017, for commencement of trial.
Earlier before the accused persons were arraigned, their lawyer, A. O. Sheriff had through a notice of Preliminary Objection, urged court to dismiss the charge on the ground that the defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court, when they were formerly arraigned.
But the presiding judge, Justice Olatoregun, dismissed the application on the ground that the facts of the new charge are not the same with the one dismissed by Justice Abang.