$166.9m Fraud: Integrated Microfinance Bank’s MD, Akinteye, Deputy, Land in Prison

Ladipo Sanusi/

Former Managing Director of Integrated Microfinance Bank Plc (IMFB), Mr Simon Ademola Akinteye and his deputy, who are facing fraud trial, will stay in jail until they perfect their bail.

Akinteye and Gabriel Adepoju were dragged to the Federal High Court, in Lagos, over alleged $166.9million fraud.

The Court ordered that the defendants, who were Managing Director, and Director in the defunct IMFB, be remanded in prison until they meet their bail conditions.

After taking the pleas of the defendants, Justice Mojisola Olatoregun admitted them to bail on Wednesday in the sum of N10million with two sureties in like sum.

They were arraigned before the court on a 10-count charge bordering on alleged reckless granting of loans without collaterals.

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.

The judge adjourned the matter till June 16, 2017, for commencement of trial.

In a charge marked FHC/L/234c/16, Akinteye and Adepoju were accused of being reckless.

They allegedly approved credit facilities running into $166million and N33.250million to themselves and one Mrs Temitope Muhammed Imam without collateral.

In the charge, nine counts are against Akinteye, who was the bank’s MD/CEO. He allegedly, at different times, withdrew from the bank’s account the total sum of N11million and diverted it into his personal company named ‘Deblad Nigeria Limited’.

He also allegedly unlawfully withdrew a total sum of $166million 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 States of America, and another account domiciled with Washington Mutual, 391, Eastern Parkway, Belford Avenue, New York, USA.

Adepoju was accused of withdrawing a total sum of N22.250 million, allegedly diverted to a limited liability company, Gad Press Limited.

The offences according to the prosecutor, Mrs A. I. Charles-Okoli, are contrary to 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 the 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 Justice Olatoregun had dismissed the defendants’ lawyer’s application on the ground that the facts of the charge are not the same.

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