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2 ex-bank directors docked over $166m bad loan

By Innocent Anaba

A Federal High Court sitting in Lagos, yesterday, ordered the remand of Simon Akinteye and Gabriel Adepoju, who are former Managing Director, and Director in the defunct Integrated Microfinance Bank Plc, over alleged $166.9 million fraud.

The trial judge, Justice Mojisola Olatoregun, ordered the remand of the two defendants, who were arraigned before the court on a 10-count charge of reckless granting of loans without collaterals.

The court, after taking the pleas of the defendants, admitted them to bail in the sum of N10 million with two sureties in like sum.

The judge also ordered that the two sureties must not be below the rank of Executive Directors in financial institutions, with affidavit of means and evidence of three years tax payment.

Justice Olatoregun ordered the remand of the two defendants in prison’s custody, pending when they are able to meet the bail conditions, while she adjourned the matter till June 16 for commencement of trial.

The two former bank chiefs in the charge, were alleged to have recklessly, without collateral, approved credit facilities worth $166 million and N33.250 million to themselves and one Mrs Temitope Imam.

The offences, according to the prosecutor, are 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.

Prior to the arraignment of the defendants, their lawyer had urged the court to dismiss the charge on the grounds that the defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court, when they were formerly arraigned.

However, the trial judge, Justice Olatoregun, dismissed the defendants’ lawyers’ application on the grounds that the facts of charge were not the same.

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