Two former bank directors, Simon Akinteye and Gabriel Adepoju have been remanded in prison for fraud. The two bank chiefs were former Managing Director and Director in the defunct Integrated Microfinance Bank Plc.
They were charged before Justice Mojisola Olatoregun of the Federal High Court, Abuja, on a 10-count charge of reckless granting of loans for themselves and one Temitope Imam without collaterals.
The court, after taking the pleas of the defendants, admitted them to bail in the sum of N10 million with two sureties in like sum.
The judge ordered that the two sureties must not be below the rank of Executive Directors in financial institutions, with affidavit of means and evidence of three years tax payment.
Justice Olatoregun also ordered the remand of the two defendants in prison’s custody, pending when they are able to meet the bail conditions, while she adjourned the matter till June 16 for commencement of trial.
However, the trial judge, dismissed the defendants’ lawyers’ application on the grounds that the facts of charge were not the same.
By Tony Nwanne