Court orders remand of ex-bank chief

By
In Nigeria
Mar 6th, 2014
0 Comments
38 Views

The former Managing Director of the defunct Integrated Micro Finance Bank, Akinteye Ademola was yesterday, remanded at the Special Fraud Unit (SFU), on the order of a Federal High Court in Lagos.

The banker was docked by the SFU for alleged financial inpropreity on an amended three-count charge bordering on banking and financial crimes to which he pleaded not guilty.

He was alleged to have conspired with two other directors, Jerry Orimovuohoma and Oladepo Bello to grant unauthorised credit facilities in the tune of N327.6 million to themselves, without collateral.

Ademola was said to have caused the sum of N131.2 million to be withdrawn by one Adewale Ayoade, which he (Ademola) allegedly converted to his personal use.

Orimovuohoma was alleged to have recklessly granted credit facilities to himself to the tune of N29.2 million while Bello was alleged to have granted facilities to himself in the tune of N3.2 million.

The offences are said to contravene the provisions of sections 19(a), 20, 20(a) and 23(4) of the Failed Banks (recovery of debts) and Financial Malpractices in Banks Act, 2004.

Although defence lawyer Glover-Ashimi had drawn the court’s attention to a bail application filed on February 28, prosecuting Akin Akintewe count him with an application for remand of the accused.

But Justice Okon Abang who noted that the bail application was not in the court records, ordered that the accused be kept in SFU custody.

He also noted that assuming the bail application was in the record of the court, the court will not act on it, since it was filed before the arraignment of the accused.

“It is my humble view that a court of law can only entertain a bail application of an accused, upon his arraignment.

“The court cannot therefore take action on an application that is not before it, I so hold,” the judge held, just as he adjourned the case to April 7 for trial.

Justice Abang also ordered the prosecution to get its witnesses ready.

The other two directors were absent when the case was called.

Counsel to Orimovuohoma, Tunde Awogbade had informed the court that his client was on admission at a private hospital, and prayed for an adjournment.

But the prosecution objected and urged the court to proceed with the arraignment of the first accused who was present in court.

Print Friendly

var addthis_config = {“data_track_clickback”:true,”data_track_addressbar”:true,”data_track_textcopy”:false,”ui_language”:”en”,”ui_atversion”:”300″,”ui_508_compliant”:true};
var addthis_product = ‘wpp-3.5.6′;


This post was originally published on this site

Share and Enjoy

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

Comments are closed.