A Federal High Court sitting in Lagos on Tuesday remanded erstwhile Managing Director of the defunct Integrated Micro Finance Bank, Akinteye Ademola at the Special Fraud Unit (SFU) of the Nigeria Police Force.
Ademola is facing an amended three-count charge bordering on banking and financial crimes, which he has pleaded not guilty to.
He is accused of conspiring with two other directors, Jerry Orimovuohoma and Oladepo Bello, to allocating unauthorized credit facilities worth N327.6m to themselves without collateral.
Ademola allegedly activated the release of N131.2m to one Adewale Ayoade but he subsequently converted it to his personal use, while Orimovuohoma allegedly granted himself credit facilities to the tune of N29.2m. Bello, meanwhile, allegedly granted himself credit facilities to the tune of N3.2m.
The offences are in contravention of provisions of Sections 19(a), 20, 20(a) and 23(4) of the Failed Banks (recovery of debts) and Financial Malpractices in Banks Act, 2004.
Defence lawyer, Glover-Ashimi appealed the court to consider a bail application filed last Friday, but prosecuting counsel Akin Akintewe urged the court to remand the accused.
Delivering a ruling on the bail application, Justice Okon Abang said the court had no record of the bail application, and therefore ordered the remadnment of the accused.
“It is my humble view, that a court of law can only entertain a bail application of an accused, upon his arraignment”, he said. “The court cannot therefore take action on an application that is not before it, I so hold.
Justice Abang adjourned the case to 7th April 2014, and ordered the prosecution to prepare its witnesses for the trial.
The other two directors were absent in court, counsel to Orimovuohoma, Tunde Awogbade claiming that his client was on admission at a private hospital. He argued for an adjournment but the prosecution objected, urging the court to proceed with the arraignment of the first accused since he was already in court.
