NDIC Drags Microfinance Boss, Directors To Court Over Misappropriation Of N617m

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The Managing Director of the defunct Integrated Microfinance Bank, Mr. Akinteye Simon Ademola, has been arraigned before a Lagos Federal High Court by the Nigeria Deposit Insurance Corporation (NDIC), over the misappropriation of the sum of N617,753,246.98 property of the bank.

Ademola was charged alongside Mrs. Doyin Abiola, Dr. Jerry Orimovuohoma and Mr. Oladapo Bello, who were directors of the defunct bank between 2006 and 2008.

They are facing a five-count charge that borders on misappropriation of the bank’s funds.

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The accused were said to have granted unauthorised loans to themselves and other related companies in large sums without collateral contrary to section 516 of the criminal code and section 23(4) of the Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act.

According to the charge-sheet, the accused persons were alleged to have conspired among themselves and committed a felony to wit: granting of unauthorised credit facilities to the tune of N327,566,000 naira to themselves and other related companies without collateral.

The second count read that the Managing Director of the bank caused the sum of N131.176million to be withdrawn by Adewale Ayoade, the head of treasury, which the boss converted to his personal use, contrary to section 19(1)(d) of the Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act as amended and punishable under section 20(1)(a) of the same Act.

The third count says that Mrs. Doyinsola Abiola, while being the Director of the bank between 2006 and 2008, recklessly granted unauthorised credit facility to the tune of N26,611,246.98 to herself without collateral contrary to the accepted norm of the bank.

In count four, Jerry Orimovuohoma was alleged to have recklessly granted unauthorised credit facility to the tune ofN29,200,000 himself without collateral and contrary to section 19(a)(i) of Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act as amended and punishable under section 20(1)(a) of the same Act.

The count five read that Oladapo Bello, another Director of the bank, recklessly granted unauthorised credit facility to the tune of N3,200,000 to himself without collateral and recourse to the bank’s norm.

Only the Managing Director of the bank, Ademola was present in court when the matter came up yesterday before Justice Okon Abang.

The failure of the other accused persons to appear stalled proceedings, as the Acting Director of Public Prosecution, Mr. Akin Akintemi requested for time for all the accused to be arraigned in court together.

Justice Okon Abang obliged, adjourning the matter till December 10, 2013 for the arraignment of the accused persons.

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