A forme staff of Stanbic IBTC bank, Olusola Ajayi has been arraigned before a  Lagos Federal High Court  for allegedly defrauding his employer to the tune of N205 million.
   
Ajayi was arraigned alongside his company, Abel System Services Limited before Justice Abimbola Awogboro on a three count-charge bordering on conspiracy, obtaining by false pretence and unlawful conversion, by the men of Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
   
The defendant allegedly committed the offence between 2005 and 2021 with Ayodele Olaogun and Hakeem Adisa Abdulhadi, who are now at large.
 
The prosecuting counsel, Mr. Sylvester Azubuike told the court that the defendant while working as a staff at Stanbic IBTC Bank, with intent to defraud, obtained the sum of N205 million, property of Stanbic IBTC Bank by falsely representing to the bank that that the fund was approved by the Board of the bank for the purpose of offsetting a written off debt, otherwise known as ‘Bad Debt’, whereas he credited Abel Systems Services Nigeria Limited and subsequently converted the money to his own use and benefit of himself and others at large.

Following his not guilty plea, both the prosecutor and his counsel, Mr. Bamidele Ogundele, argued his bail application.

And he was admitted to bail in the sum of N50 million with two sureties in like sum.
 
Justice Awogboro ordered that both sureties must produce evidence of three years tax payment to the Lagos State Government, while one of the sureties must be a landed property owner within the court’s jurisdiction. The court subsequently adjourned to November 10, 2022 for trial.