Court jails micro finance MD for fraud

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The Federal High Court in Lagos on Thursday sentenced the Managing Director of Integrated Microfinance Bank Limited, Simon Ademola Akinteye to four years imprisonment for $166 million fraud.

Justice Mojisola Olatoregun found him guilty of eight-count charge filed against him by the Directorate of Public Prosecution (DPP), Federal Ministry of Justice.

The judge sentenced Akinteye to four years on each of the counts, to run concurrently.

She, however, gave the convict an option of N16million fine – N2 million on each count.

Justice Olatoregun acquitted and discharged the convict’s co-accused, Gabriel Adepoju, who was charged with diverting over N22 million from the bank to Gad Press Limited.

The prosecution alleged that Akinteye recklessly approved credit facilities of $166 million and N33 million to Mrs. Temitope Muhammed Imam without collateral.

Akinteye was said to have at different times withdrawn N11 million from the bank’s account and diverted it into his company account named Deblad Nigeria Limited.

He was also said to have unlawfully withdrawn $166 million and paid it into Imam’s account domiciled with Citi Bank in New York.

Prosecuting counsel Mrs. Ndidi Glady Ezinwa-Ukuba said the offence was 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.

Before their arraignment on May 18, 2016, the defendants’ lawyer, A. O. Sheriff, through a preliminary objection, urged court to dismiss the charge.

It was on the ground that the defendants had earlier been acquitted and discharged by Justice Okon Abang on similar charges.

But Justice Olatoregun dismissed the objection on the ground that the facts in the charges were not the same.

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