$166M Fraud: Court Convicts Former Bank MD, Akinteye.

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Judicial symbol for justice
Judicial symbol for justice

It was a tough day for the  former Managing Director of the defunct Integrated Microfinance Bank Limited, Mr Simon Akinteye, as a federal high court sitting in Lagos yesterday convicted him for  over $166.9 million fraud after finding him guilty.


The trial judge, Justice Cecilia Olatoregun, convicted the former bank’s boss after finding him guilty of all the nine counts charge of reckless granting of loans without collateral, levelled against him by the Department of Public Prosecution, DPP, Federal Ministry of Justice.
The court, however, discharged and acquitted his deputy, Gabriel Adepoju, who was docked on one count charge of unlawful diversion of N22.250 million to a printing company named Gad Press Limited
Justice Olatoregun has adjourned till February 21, for the sentencing of the former bank boss.
DPP in the charge sheet, alleged that the two bank chiefs recklessly, without collateral approved credit facilities running into $166 million and N33.250 million to themselves and one Mrs Temitope Muhammed Imam.
In the charge, the convict, Akinteye, was said to have at different times withdrawn from the bank’s account the total sum of N11 million and diverted same into his personal company named Deblad Nigeria Limited.
Prior to the duo’s arraignment on May 18, 2016, their lawyer, A. O. Sheriff, through a preliminary objection, had urged the court to dismiss the charge on the ground that the defendants had earlier been acquitted and discharged by Justice Okon Abang of the same court when they were formally arraigned.
However, Justice Olatoregun had dismissed the defendants’ lawyers’ application on the ground that the facts of charge are not the same.