$166m Fraud: Court Sentences Former Bank MD To Four Years In Prison

By


A Federal High Court, sitting in Lagos, has sentenced a former Managing Director of the defunct Integrated Microfinance Bank Ltd, Simon Akinteye to four years in prison, over a $166.9m dollars fraud.

The court sentenced the convict on the eight-count charge preferred against him by the office of Directorate of Public Prosecution (DPP) of the Federal Ministry of Justice. The sentence is to run concurrently.

The court, however, gave him an option of fine of N2m on each of the counts, adding that same shall be computed cumulatively.

Justice Mojisola Olatoregun had convicted Akinteye on Feb. 4, after finding him guilty of all eight counts bordering on reckless granting of loans without collateral, preferred against him.

Meanwhile, the court had on same Feb. 4, discharged and acquitted his co-defendant, Gabriel Adepoju, who was accused of withdrawing a total sum of N22 million from the bank and diverting same to a limited liability company, Gad Press Limited.

The court had then adjourned Akinteye’s sentence until Feb. 21, 2019. When the case was called on Thursday, the court called for addresses from counsel before reading the sentence.

Delivering judgment, Justice Olatoregun held that the court had been told that the convict is a first offender with no past criminal records. She, however, held that the convict betrayed the trust of clients of the bank, who had deposited their monies there.

In the charge marked FHC/L/234c/16, the prosecution alleged that the convict recklessly and without collateral, approved credit facilities running into $166m and N33.3m to themselves.

The convict was said to have at different times, withdrawn from the bank’s account the total sum of N11m and diverted it to his personal company named ‘Deblad Nigeria Ltd.

He was also said to have unlawfully withdrawn the total sum of $166m and paid same into the account of one Temitope domiciled with Citi Bank in the United States of America.

The offences according to the prosecution contravene the provisions of sections 15 (1)(a),18() and 18(3)a)(I) of the Banks and other Financial Institution Act Laws of the Federation of Nigeria, 2004. The convict had pleaded not guilty on arraignment.


Source:https://samueljackson12.blogspot.com/2019/02/166m-fraud-court-sentences-former-bank.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more