Court remands ex-bank manager over alleged N122m fraud

Justice Olubunmi Abike-Fadipe of a Lagos Special Offences Court sitting in Ikeja, has remanded a former manager of Iju Branch of Polaris Bank Limited, Abiodun Sanni in the Correctional Facility over alleged N122 million fraud.

The judge remanded Sanni in Kirikiri Correctional Facility after he was arraigned by the Economic and Financial Crimes Commission (EFCC) over the alleged fraud.

The anti-graft commission alleged that Sanni, on February 24, 2020, in Lagos, being the Bank Manager of the lju branch of Polaris Bank Limited, obtained credit in the form of a loan in the sum of N17 million for Bamgbose Tayo Taofiq trading under the name and style of Banut Haulage from the bank. He allegedly obtained the loan by false pretence that the loan had collateral in the form of a fixed deposit account number 0071572791 worth N111,540.380.52

Consequently, the defendant was arraigned on a 16-count charge, bordering on obtaining credit by false pretences, forgery, use of false documents and stealing.

The anti-graft further alleged that the defendant dishonestly converted a Polaris Bank Limited fixed deposit account number 0071277522 worth N15, 011,441.00, belonging to Atolagbe Joshua Tinuoye.

The defendant pleaded not guilty to all the counts. After his plea, the prosecuting counsel, M.S Adewunmi, urged the court to remand the defendant in a Correctional facility pending his trial date.

The counsel noted that the prosecution intended to call 10 witnesses in the course of the trial.But the defendant’s counsel, Osho Oludosu informed the court that he wants to file a bail application.

Justice Abike-Fadipe, subsequently, adjourned to March 6 and 19, 2025, for hearing, and ordered that the defendant be remanded at the Correctional centre.
The judge also directed counsel to file bail application before the trial date.