Court convicts ex-microfinance Bank MD for $166.9m fraud – Independent Observers

Court convicts ex-microfinance Bank MD for $166.9m fraud

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Justice Mojisola Olatoregun of a Federal High Court, Lagos on Monday convicted a Simon Akinteye, former Managing Director of the defunct Integrated Microfinance Bank Limited for fraud totalling 166.9 million U.S. dollars.

Akinteye was found guilty of all the nine counts of the charge bordering on reckless granting of loans.

However, Gabriel Adepoju, who was charged on  one count of unlawful diversion of N22.3 million to a printing company, was discharged.

Olatoregun adjourned sentencing of Akinteye until Feb. 21.

The prosecution said that the convict recklessly and without collateral approved credit facilities amounting to 166 million dollars and N33.3 million to themselves and one Temitope Imam.

Akinteye was said to have, at different times, withdrawn N11 million from  the bank’s account and diverted it to his personal company, Deblad Nigeria Limited.

He was also said to have unlawfully withdraw 166 million dollars and paid same into the account of Temitope Imam domiciled with Citi Bank N. A. of Utica/Clarkson, 702, Utica Avenue, Brooklyn, New York, U.S.

The second defendant, Adepoju, was alleged to have withdrawn and diverted  N22.3 million to a limited liability company, Gad Press Ltd.

The offences, according to the prosecution, contravene the Sections 15 (1)(a), 18() and 18(3)a)(I) of the Banks and Other Financial Institution Act, 2004.

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