Court Remands Former Branch Manager Of Polaris Bank Over Alleged N122m Fraud

An Ikeja Special Offences Court on Monday remanded a former branch manager of Polaris Bank Ltd, Abiodun Sanni, at the Ikoyi Custodial Centre for alleged multi million 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, Mrs Orhieoghene Adewunmi, told the court that the defendant committed the offences on Feb. 24, 2020, at Iju branch of the bank in Lagos.

The prosecution 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 the defendant collected the loan on the pretext that the loan had a collateral in form of a fixed deposit worth N111.1 million, which belonged to one Yinkus Multi-biz Ventures.

The anti-graft agency also alleged that the defendant dishonestly converted a Polaris Bank fixed deposit account number 0071277522 worth N15.1 million, belonging to one Mr Joshua Atolagbe, to his personal use.

According to the Commission, 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.

The defendant, however, pleaded not guilty to all the counts preferred against him.

The prosecution, however, 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,” Adewunmi said.

The Defence Counsel, Mr Osho Oludoshu, informed the court that he had filed a bail application.

Justice Olubunmi Abike-Fadipe, thereafter, remanded Sanni to the custodial centre.

She adjourned the case until March 6, 2025 for commencement of trial.

(NAN)