Bank CEO jailed for fraud

Justice Mojisola Olatoregun of a Federal High Court, Lagos, Thursday, sentenced a former Managing Director of the defunct Integrated Microfinance Bank Ltd, Simon Akinteye to four years in prison, over 166.9 million dollars fraud.

 The court sentenced the convict to four years concurrent term of imprisonment on the nine count charge preferred against him by the Ministry of Justice.

The court however, gave him an option of fine of two million naira on each of the counts, adding that same shall be computed cumulatively.

Olatoregun had convicted Akinteye on Feb. 4, after finding him guilty of all nine counts charge bordering on reckless granting of loans without collateral, preferred against him.

Meanwhile, the court had on same Feb. 4, discharged and acquitted his codefendant, Gabriel Adepoju. The court had then adjourned Akinteye’s sentence until Feb. 21, (today).

When the case was called on Thursday, the court called for addresses from counsel before reading the sentence.

In addressing the court, the prosecutor, Mrs O. Ndidi, urged the court to impose the maximum sentence as prescribed by law, adding that a person so convicted of such offence, is liable to an imprisonment term of five years.

She argued that in addition, the court is empowered to order a refund of the money.

“I submit that the convict be sentenced based on the appropriate law, and that the money be returned to the NDIC,” she said.

On his part, defence counsel Mr A. O Sherif, in urging the court for a mitigation before sentence, referred the court to the provisions of the Administration of Criminal Justice Act.

 He urged the court not to impose the maximum sentence on the defendant, adding that he is a first offender with no past criminal records.

He urged the court to temper Justice with mercy and impose a light sentence on the convict, adding that same should be allowed to run concurrently.

Delivering judgment, Olatoregun held that the court had been told that the convict is a first offender with no past criminal records.

She however, held that the convict betrayed the trust of clients of the bank, who had deposited their monies there.

In the charge marked FHC/L/234c/16, the prosecution alleged that the convict recklessly and without collateral, approved credit facilities running into 166 million dollars and N33.3 million to themselves.

The convict was said to have at different times, withdrawn from the bank’s account the total sum of N11 million and diverted it to his personal company named ‘Deblad Nigeria Ltd.

He was also said to have unlawfully withdrawn the total sum of 166 million dollars and paid same into account of one Temitope domiciled with Citi Bank in the United State of America.

The offences according to the prosecution contravene the provisions of sections 15 (1)(a) ,18() and 18(3)a)(I) of the Banks and other Financial Institution Act Laws of the Federation of Nigeria, 2004.