Ex-bank chief Arraigned over N1.4bn fraud

Ex-bank chief Arraigned over N1.4bn fraud

The Economic and Financial Crimes Commission, EFCC, on Wednesday arraigned the former managing director of New Prudential Mortgage Bank, Adetunji Abudu before Justice Ibrahim Buba of the Federal High Court, Lagos on a 4-count charge bordering on criminal breach of trust, fraud and Criminal conversion.

The accused is said to have fraudulently diverted the sum of N1.4 billion for personal use

Sometime in January, 2013, one Adebisi Adebutu was approached by Adetunji Abudu to invest in New Prudential Mortgage Bank Limited, which was undergoing recapitalization process as directed by the Central Bank of Nigeria.

It was later discovered that Abudu did not investment the money but converted it for another purpose.

One of the counts reads: “That you Adetunji Abudu being the former Managing Director of New Prudential Mortgage Bank Limited sometime in August 2013 in Lagos within the Judicial Division of the Federal High Court of Nigeria without authorization obtained a loan of One Hundred and Ten Million Naira (N110,000,000.00), which was not authorized in accordance with the bank’s policy and thereby committed an offence contrary to section 18(1)(b) and punishable under section 18(2) of the Banks and other financial Institutions (Law of the Federation) Act 2004”.

The accused pleaded not guilty to the charge when read to him.

In view of his plea, prosecuting counsel, A. B. C. Ozioko prayed the court for a trial date and to remand the accused in prison custody.

However, defence counsel, Robbort Clark (SAN) who moved an oral application for bail pleaded with the court to grant the accuse bail in liberal terms.

Justice Buba granted him bail in the sum of N100 Million with one surety in like sum.

The surety is to depose to an affidavit of means and must own a landed property within the jurisdiction of the court . He must also possess a current tax clearance certificate. The accused is also to deposit his international passport with the court.

The matter was adjourned to April 25, 2016 for commencement of trial.


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