Court remands ex-Bank MD over N32.6m fraud

Justice Saliu Saidu of a Federal High Court in Lagos, Monday, ordered the remand of a former Managing Director of a microfinance bank, Mortgage PHB Limited, Bayo Adewakun, in prison over an alleged N32.6 million fraud.
The order was sequel to Adewakun’s arraignment by the Federal Government on a four-count charge of reckless granting of loan facilities without having mandatory approval from the bank. The defendant, however, denied all the counts upon his arraignment.
Afterwards, FG’s lawyer, Mrs. Gladys Ezinwa-Ukoha, sought for a trial date and asked that the defendant be remanded in prison pending conclusion of his trial.
Responding, defence lawyer, S. B. Joseph, drew the court’s attention to his client’s bail motion which he said had been served on the prosecutor.
The prosecutor, Mrs. Ezinwa-Ukoha, admitted being served with the motion but pleaded for time to file her response.
While adjourning hearing of the defendant’s bail motion to March 16, Justice Saidu ordered his remand in prison.
In the charge, Adewakun was alleged to have recklessly granted facilities of N10 million, N5 million and N17.6 million, to his firm, B. Waks Consultant, without adequate security.
The facilities, which were said to be more than 20 percent of shareholders’ funds, were allegedly used by Adewakun to partly finance the completion of a Housing Development at Victoria Garden City (VGC) for outright sale. (New Telegraph)