Alleged $166.9M Fraud: Trial Of Integrated Microfinance Bank MD, Deputy Fixed For June 22
A Federal High Court, Lagos , presided over by Justice Mojisola Olatoregun today fixed the trial of the Managing Director of Integrated Microfinance Bank Plc, Simon Ademola akinteye and his Deputy, Gabriel Adepoju, till June 22, 2017.
Akinteye and Adepoju were charged before the court by the office Attorney-General of the Federation and Minister for Justice, on a10-count charge bordering on reckless granting over $166.9 million to themselves without collaterals.
The two Bank Chiefs in a charge marked FHC/L/234c/16, were alleged to have recklessly without collateral approved credit facilities running into $166.9million and N33.250 million to themselves and one Mrs. Temitope Muhammed Imam.
The bank’s former M.D/C.E.O. Akinteye, 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 alledged 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 were however admitted to bail in the sum of N10 million with two sureties each.
The court ordered that the sureties must not be less than Executive Directors in a commercial bank, with three years tax payment to the Government.
The court had ordered the they be remanded in Prison’s custody pending the perfection of the bail terms.
However, at the resumed hearing of the matter today, lawyer to the two Bank Chiefs, Mr. C. O. J. Joseph (SAN), pleaded the court for bail variation.
In urging the court for the bail variation, Joseph (SAN) told the court that his clients have not been able to meet the bail conditions, as they could not get any bank’s executive directors to stand for them.
He therefore urged the court to particularly to varies the condition of providing bank’s Executive Director, to personal recognition or civil servants.
He said, “the defendants have made efforts in meeting the bail conditions but all to no avail. The court could either allow them on self-recognisance civil servants instead of Executive Directors of a bank”, the SAN pleaded.
In response, the prosecutor, Mrs. Charles Okoli, said the prosecution is not opposing the application, but urged the court to consider the nature of the charges against the accused before granting the application.
Consequently, Justice Olatoregun, adjourned the matter till June 22, for ruling and commencement of accused persons’ trial.