Adetunji Abudu: Former bank MD bags 2-year jail term for fraud
- A former managing director of New Prudential Mortgage Bank, Adetunji Abudu, has been sentenced to 2 years imprisonment
- Abudu was sentenced by a Federal High Court sitting in Ikoyi, Lagos, for 195m fraud
- The former MD pleaded not guilty of a four-count charge, but Justice IN Buba found him guilty
Justice IN Buba of the Federal High Court sitting in Ikoyi, Lagos, has sentenced a former managing director of New Prudential Mortgage Bank, Adetunji Abudu, to 2 years imprisonment for 195m fraud.
Legit.ng gathers that the disclosure was made on Thursday, August 8, by the the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency, which said the trial began on April 12, 2016, said that Abudu was arraigned on a four-count charge of acting in contravention of the Banks and Other Financial Institutions Act( BOFIA) 2004 to the tune of N195m.
A statement by the EFCC read: "Abudu, while being the managing director of the bank, obtained a N35m loan and another N110m loan without authorisation.
"The former New Prudent Bank boss also approved the setting off of a N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.
"In another count, the defendant failed to disclose his interest in Total Access and Integrated Concept Limited, an offence contrary to section 18(8) and punishable under section 18 (11) of the BOFIA LFN 2004."
Abudu pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.
Delivering his judgment, Justice Buba found the defendant guilty on counts one, two, three and four as charged.
The Judge further held: “The court has considered the fact that the convict is a first-time offender, a family man and a breadwinner.
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“The court will be lenient, given that the convict is a first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.
“This is a matter the convict should not have allowed to go through the rigours of a criminal trial, having been given the opportunity to refund the money. But he still remained obstinate.”
Justice Buba, therefore, sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of judgment.
The sentences are to run concurrently.
Abudu was ordered to make restitution to the complainant, in accordance with section 321(a) of the Administration of Criminal Justice Act (ACJA) “if the properties released cannot meet up the amount of exposure to the complainant".
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Meanwhile, Legit.ng previously reported that a Federal High Court sitting in Lagos had ordered that Professor Maurice Iwu be remanded in the custody of the Economic and Financial Crimes Commission (EFCC).
Iwu was to remain in EFCC custody till Friday, August 9, till when his application for bail would be heard, although he had pleaded not guilty to all the charges made against him.
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The EFCC stage a walk against corruption | Legit TV
Source: Legit.ng
