Former Mortgage Bank MD Arrested For N395illion Fraud

Former Mortgage Bank MD Arrested For N395illion Fraud

By Chidinma Unigwe | Sub Editor on February 17, 2016
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EFCC, Court, Abuja, Naval, Officer,
EFCC | The Trent

A former Managing Director of Prudential Mortgage Bank, Mr Adetunji Abudu, on Wednesday, February 17, 2016 appeared before a Federal High Court in Lagos State over an alleged N395 million fraud.

The accused is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on fraud.

He, however, pleaded not guilty to all counts of the charge.

Following an application by his counsel, Mr Robert Clark, the trial judge, Justice Ibrahim Buba, granted the accused bail in the sum of N100 million with two sureties in like sum.

The judge said that the sureties must provide evidence of tax payment and depose to an affidavit of means.

He fixed April 25 for substantive trial.

Earlier, the prosecutor, Mr ABC Oziokor, told the court that the accused committed the offences between August 2013 and January 2014.

He said that the accused obtained the sum of N235 million and another N110 million as loans from the bank without appropriate authority.

According to the prosecutor, the accused also approved a N50 million loan to one Total Asset and Integrated Concept Ltd. as well as one Addaser Microfinance Bank contrary to banking policy.

He said that the accused failed to disclose his interest in the said Total Asset and Integrated Concept Ltd. in contravention of banking policy.

Oziokor said that the offences contravened the provisions of Sections 18, 18 (1), and 18 (b) of the Banks and Other Financial Institutions Act, Laws of the Federation of Nigeria, 2004.

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