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Integrated Microfinance Bank's M.D, Akinteye, his Deputy Remanded Over $166.9m USD Fraud

A Federal High Court, Lagos, has ordered the remand of Simon Ademola Akinteye and Gabriel Adepoju, who are former Managing Director, and Director in the defunct Integrated Microfinance Bank Plc, over alleged $166.9 million USD fraud.

The court presided by Justice Mojisola Olatoregun, 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.

The court after taken the pleas of the defendants, admitted them to bail in the sum of N10 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 meet the 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 running  into $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 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 USD, 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.

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 the presiding judge, Justice Olatoregun, had dismissed the defendants' lawyers application on the ground that the facts of charge are not the same.

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