$166.9m unsecured loan: Bank M.D, Director Remanded

$166.9m unsecured loan: Bank M.D, Director Remanded

Thursday, May 18, 2017 4:22 pm


Justice


By Akin Kuponiyi

The Managing Director of the defunct Integrated Micro-finance Bank Limited, Mr Simon Ademola Adeteye and a director of the bank Mr Gabriel Adepoju have been arraigned before a Federal High Court in Lagos south west Nigeria for allegedly granting a loan of $166 .9million without collaterals.

The accused persons were arraigned before Justice Mojisola Olatoregun on a 10-count charge of alleged reckless granting of loans without collaterals.

The court after taken the plea of the defendants, admitted them to bail in the sum of N10milion with two sureties in the same like sum.

The judge also ordered that the two sureties must not be less than Executive Directors in financial institutions, with affidavit of means and evidence of three years tax payment.

Justice Olatoregun therefore ordered the remand of the two defendants in Prison’s custody, pending the time they are able to perfect their bail conditions, while she adjourned the matter till June 16 2017, for commencement of trial.

The two bank chiefs in a charge, marked FHC/L/234c/16, were alleged to have recklessly, without collateral, approved credit facilities amounting to $166 million USD, 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 slammed with nine counts charge out of the ten charges 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He was also alledged to have unlawfully withdrawn a total sum of $166 million USD and remitted same to the account of the said Temitope Muhammed Imam, domiciled with Citi Bank N. A. of Utica/Clarkson, 702,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While the second accused Adepoju, was alleged to have withdrawn total sum of N22.250 million, and diverted same to a limited liability company, Gad Press Limited.

The offences alleged to have been committed by the two accused persons 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.

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 ground that the defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court, when they were formerly arraigned.

But Ocholi pleaded with the court to discontenance the submissions of the defence counsel, saying that the arguement of Sheriff can only be looked into after the accused have taken their pleas and issues were joined .

Ocholi further told the court that the facts of the matter were never the same. She then asked the court to reject Sheriff’s submission.

After listening to both parties justice Olatoregun over rulled the defence counsel and urged the accuse to take their pleas


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