Bank MD remanded in prison over alleged $166.9 million fraud

THE Managing Director of the defunct Integrated Microfinance Bank Simon Ademola Akinteye and Gabriel Adepoju, a Director of the bank, were on Thursday remanded in prison over an alleged $166.9 million fraud.

Justice Mojisola Olatoregun of a Federal High Court in Lagks, on Wednesday, ordered the remand of the two defendants, who were arraigned before the court on a 10-count charge bordering alleged reckless granting of loans without collaterals. They were granted bail of N10 million each with two sureties in like sum but were however remanded in prison pending the perfection of their bail.

The two Bank Chiefs in a charge marked FHC/L/234c/16, 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 M.D/C.E.O. Akinteye, who was charged  with nine counta were alleged to have at different times 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He was also alledged to have unlawfully withdrawn a total sum of $166 million, and paid it to the account of the Temitope Muhammed Imam, domiciled with Citi Bank N. A. of Utica/Clarkson, 702, Utica Avenue,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.

The second defendant, Adepoju, was alleged to have withdrawn total of N22.250 million, and diverted same to a limited liability company, Gad Press Limited.

Prior to the arraignment of the defendants, their lawyer, A. O. Sheriff, through a notice of Preliminary Objection, urged court to dismiss the charge on the grounds 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, had dismissed the defendants’ lawyers’ application on the grounds that the facts of charge are not the same.

The matter has been adjourned till June 16 for trial to commence.

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