Court convicts Defunct Integrated Microfinance Bank MD Akinteye of $166.9m fraud

A federal High Court sitting in Lagos on Tuesday, convicted Simon Ademola Akinteye, the former Managing Director of the defunct Integrated Microfinance Bank Limited, over $166.9million fraud.

The court, presided over by Justice Cecilia Mojisola Olatoregun, convicted Akinteye, after finding him guilty of all the nine counts in the charge bordering on reckless granting of loans without collateral, levelled against him by the Department of Public Prosecution (DPP), Federal Ministry of Justice.

The court, however, discharged and acquitted his deputy, Gabriel Adepoju, who was charged on a one-count charge of unlawful diversion of N22.250million to a printing company named Gad Press Limited.

Justice Olatoregun adjourned till February 21, for the sentencing of the former bank MD.

The DPP, in a charged marked FHC/L/234c/16, alleged that the two bank chiefs recklessly, without collateral, approved credit facilities running into $166million, and N33.250million to themselves and one Mrs. Temitope Muhammed Imam.

In the charge, Akinteye was said to have, at different times, withdrawn from the bank’s account the total sum of N11million and diverted it into his personal company named ‘Deblad Nigeria Limited’.

He was also said to have unlawfully withdrawn the total sum of $166million USD, and paid into the account of Temitope Muhammed Imam, domiciled with Citi Bank N.A. of Utica/Clarkson, 702, Utica Avenue, Brooklyn New York, United State of America; and another account domiciled with Washington Mutual, 391, Eastern Parkway, Belford Avenue, New York, USA.

The second defendant, Adepoju, was alleged to have withdrawn total sum of N22.250million and diverted same to a limited liability company, Gad Press Limited.

The offences according to the prosecutor, Mrs. Ndidi Glady Ezinwa-Ukuba, are contrary to sections 18 (1)(a) and 18(3) and 15(1)(a)(I) of the Banks and other Financial Institutions 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 duo’s arraignment of the defendants on May 18, 2016, their lawyer, A.O. Sheriff, through a notice of preliminary objection, urged the court to dismiss the charge on the ground that the defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court when they were formerly arraigned.

But the presiding judge, Justice Olatoregun, had dismissed the defendants’ application on the ground that the facts of the charge are not the same.

Saharareporters

9 thoughts on “Court convicts Defunct Integrated Microfinance Bank MD Akinteye of $166.9m fraud

  • March 16, 2021 at 2:48 pm
    Permalink

    504674 342348undoubtedly like your web website but you require to check the spelling on several of your posts. Several of them are rife with spelling troubles and I locate it quite troublesome to tell the truth nevertheless I will undoubtedly come back once again. 451867

  • April 11, 2021 at 10:52 am
    Permalink

    911499 28863You created some first rate factors there. I regarded on the internet for the issue and located a lot of people will associate with with your site. 403093

  • April 12, 2021 at 3:48 pm
    Permalink

    I am extremely impressed with your writing skills and also with the layout on your blog.
    Is this a paid theme or did you modify it yourself? Either way
    keep up the excellent quality writing, it is rare to see
    a great blog like this one nowadays. 0mniartist asmr

  • April 28, 2021 at 12:34 am
    Permalink

    These are truly great ideas in concerning blogging. You have touched
    some nice factors here. Any way keep up wrinting.

  • April 29, 2021 at 12:45 am
    Permalink

    This is my first time go to see at here and i am genuinely happy to read all at one
    place.

  • April 29, 2021 at 11:04 am
    Permalink

    Yesterday, while I was at work, my sister stole my iphone and tested to see if it can survive a
    25 foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is completely off topic but I had to share it with someone!

  • April 29, 2021 at 5:26 pm
    Permalink

    Its like you read my mind! You seem to know so much about this,
    like you wrote the book in it or something. I think that you could do with some pics to drive
    the message home a bit, but other than that, this is
    fantastic blog. A fantastic read. I will definitely be back.

  • May 3, 2021 at 11:09 pm
    Permalink

    Definitely imagine that that you stated. Your favorite reason seemed to be on the net
    the easiest thing to take note of. I say to you, I certainly get annoyed even as other people
    consider issues that they just don’t recognise about.
    You managed to hit the nail upon the top and outlined
    out the whole thing with no need side-effects , other folks could take
    a signal. Will likely be again to get more. Thanks

  • May 4, 2021 at 11:16 am
    Permalink

    For the reason that the admin of this site is working, no question very shortly it will be famous, due to its feature contents.

Leave a Reply

Your email address will not be published.

%d bloggers like this: