CASE NUMBER 10923:

FORMER BANK MD JAILED FOR FRAUD TO THE TUNE OF N195M

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Alleged Perpetrators(s)

Adetunji Abudu

Location (Town / State)

Lagos State, Lagos

Date of Event

08 Aug 2019

Date of republication

08 August every year

Case category (Choose all that apply)

Case Summary

Former Managing Director of New Prudential Mortgage Bank Limited, Adetunji Abudu, sentenced to two years imprisonment for N195m fraud.

Full story

The Former Managing Director of New Prudential Mortgage Bank Limited Adetunji Abudu met his waterloo on August 8th after being convicted by EFCC and sentenced to two years imprisonment for N195m fraud before justice Buba of the federal high Court Ikoyi, Lagos State.

The trial which began since April 12 2016, finally got justice after Mr Abudu was arraigned on a four-count charge by the EFCC of acting in contravention of the Banks and Other Financial Institutions Act (BOFIA) 2004 to the tune of N195m (One Hundred and Ninety-five Million Naira). The convict while being the Managing Director of the bank used his veto power to obtain a N35m loan and another N110m loan without authorization. In worsening his case, he approved the setting off of a N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorized in accordance with the bank’s policy and in contravention of BOFIA 2004. In other 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, for which the defendant pleaded not guilty, leading to his full trial.

During the trial, seven witnesses were called to the stand by the prosecution counsel, A.B.C Oziokor and several documents tendered which were admitted by the court as evidence. In the same vein, the defense counsel presented five witnesses for cross examination too. Based on the evidences before the court, Justice I.N Buba on delivering his judgment found the defendant guilty on all four counts as charged. He was sentenced 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.

Justice Buba stated that the honorable court understands that the convict is a first time offender, a family man and a bread winner, so therefore the sentence will be lenient considering the fact that he is a first offender. But then it is important to also send the right ripples, that it is this type of attitude that has led to the malfunctions of our financial institutions. According to him, the convict overstretched the case having been given the opportunity to refund the money but rather feigned deaf ears, which he chose to remain obstinate.

The convict 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.”

External links/URLs

https://www.efccnigeria.org/efcc/news/4712-court-jails-former-new-prudential-bank-md-adetunji-abudu-two-years-for-n195m-fraud?__cf_chl_jschl_tk__=pmd_r33BoBFvDYXJjL_wbWoOk0Rj89bh.I1nY31uYEfbpNY-1635627039-0-gqNtZGzNApCjcnBszQrR

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