The Special Offences Court sitting in the Ikeja area of Lagos State, on Monday, November 18, 2024, remanded a former branch manager of Polaris Bank, Abiodun Sanni, at the Ikoyi Custodial Centre for alleged multimillion naira fraud.
Sanni was arraigned by the Economic and Financial Crimes Commission (EFCC) on a 16-count charge bordering on obtaining credit by false pretences, forgery, use of false documents, and stealing.
The EFCC counsel, Orhieoghene Adewunmi, told the court that Sanni committed the offences at the Iju branch of the bank in Lagos on February 24, 2020.
The lawyer stated that the defendant, as the branch manager of Polaris Bank, obtained from the bank a credit sum of N17 million in form of a loan.
He said Sanni collected the loan on the pretext that the loan had collateral in the form of a fixed deposit worth N111.1 million, which belonged to one Yinkus Multi-biz Ventures.
The EFCC lawyer also alleged that the former bank manager dishonestly converted a Polaris Bank fixed deposit account worth N15.1 million, belonging to one Joshua Atolagbe, to his personal use.
Court orders arrest of Dana Air MD over N1.3bn fraud
According to Adewunmi, the alleged offences contravene Sections 36(1), 278(1), 313(1)(a), 361 (1) and 364 (1) of the Criminal Law of Lagos State, 2011.
Sanni, however, pleaded not guilty to all the counts preferred against him.
Adewunmi urged the court to remand the defendant.
“My lord the prosecution intends to call 10 witnesses in this case. We urge the court to remand the defendant in custody in view of his not-guilty plea,” the EFCC lawyer said.
The defence counsel, Osho Oludoshu, told the court that he had filed a bail application.
The presiding judge, Justice Olubunmi Abike-Fadipe, thereafter, remanded Sanni at the custodial centre.
Justice Abike-Fadipe adjourned the case until March 6, 2025, for the commencement of trial.
- EFCC summons suspended Edo LG chairmen - December 19, 2024
- N110bn fraud: Court grants Yahaya Bello N500m bail - December 19, 2024
- Dangote refinery reduces petrol price to N899/litre - December 19, 2024
