Police Arraign Ex-Banker for Alleged   N205m Fraud

Wale Igbintade

Men of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos have arraigned a former staff of Stanbic IBTC Bank Nigeria, Ajayi Olusola, for allegedly defrauding the bank of the sum of N205 million.

Olusola, who now operates a limited liability company, Abel System Services Limited, was accused of committing the alleged fraud between 2015 and 2021, while still working with the bank.

He was also alleged to have committed the fraud alongside one Ayodele Olaogun, and Hakeem Adisa Abdulhadi, (now at large).

The former banker and his company, Abel System Services Limited, were arraigned before Justice Abimbola Awogboro, on a three count-charge of conspiracy, obtaining by false pretence and unlawful conversation.

The prosecutor, Mr. Sylvester Azubuike, told the court that the offences committed by the former Stanbic-Ibtc staff contravened Sections Section 8(a) and 1(1)(a)and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

The prosecutor also contravened Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.

However, the former banker pleaded not guilty to the charges.

Following his not guilty plea, both the prosecutor and his lawyer, Bamidele Ogundele, argued his bail application.

Consequently,  the Defendant was admitted to bail in the sum of N50million with two sureties in like sum.

Justice Awogboro also ordered that both sureties must produce evidence of three years tax payment to the Lagos State government, and that one of the sureties must must be a landed property owner within the court’s jurisdiction.

The court has adjourned till November 10, for commencement of trial.

Charges against the Defendant Reads: “that you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank did conspired amongst yourselves and others now at large to commit a felony to wit: obtain the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

“That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi, both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank by False Pretence and with intent to defraud, obtained the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by Falsely representing to the bank that you applied the funds as approved by the Board of the bank for the purpose of offsetting written off debt otherwise known as Bad Debit, Whereas you credited Abel Systems Services Nig. Ltd and subsequently converted the money to your own use and benefits amongst yourselves and others at large. The representation you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence Contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

“That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Ltd, Ayodele Olaogun, Mr. Hakeem Adisa Abdulhadi both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court, did convert to your own use and benefits the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Stanbic IBTC Bank, Lagos and thereby committed an Offence Punishable Under Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.”