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Court jails former bank chief for fraud

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A Federal High Court in Lagos has sentenced former managing director of New Prudential Mortgage Bank Limited, Adetunji Abudu, to two years imprisonment for fraud.

“The court has considered the fact that the convict is a first-time offender, a family man and a breadwinner,” the Judge I.N. Buba said in court on Thursday.

“But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.”

The Economic and Financial Crimes Commission, EFCC, arraigned Abudu on Wednesday, February 17, 2016, on a four-count charge of acting in contravention of the Banks and Other Financial Institutions Act( BOFIA) 2004 to the tune of N195m( One Hundred and Ninety-five Million Naira).

Abudu, while being the managing director of the bank, obtained N35m loan and another N110 m loan without authorisation.

The former MD also approved the setting off of N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.

In another count, Abudu was accused of failing to disclose his interest in Total Access and Integrated Concept Limited, an offence contrary to Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004.

He, however, pleaded not guilty to the charges against him by the prosecution, thereby leading to his full trial.

But during the course of the trial that began on April 12, 2016, the lead prosecution counsel, A.B.C. Oziokor called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defence presented five witnesses.

The Judge affirmed that the Abudu wouldn’t have gone through rigorous criminal trial if he had given the opportunity to refund the money but “he still remained obstinate.”

Buba, however, found Abudu guilty and sentenced him to two years imprisonment on counts one, two, three and four, without an option of fine, with effect from the day of Judgment. The sentences are to run concurrently.

The judge also ordered the defendant to make restitution to the complainant, if the properties released cannot meet up the amount of exposure to the complainant in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA.


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Adetunji AbuduEFCCfraud
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