A former manager of New Generation Bank, Iju branch, Abiodun Sanni, has been remanded in custody by the Lagos State Special Offences Court in Ikeja over alleged embezzlement of N122,011,441.
Sanni was charged with 16 counts of financial misconduct, which includes, securing credit under false pretenses, forgery, document falsification, and theft by the Economic and Financial Crimes Commission.
In a detailed and well-documented submission, EFCC prosecutor O. Adewunmi informed the court that Abiodun Sanni’s alleged financial improprieties were committed on or around February 24, 2020, in Lagos.
According to Adewunmi, the defendant, during his tenure as Polaris Bank’s manager, Iju Branch, allegedly secured a N17 million loan for Bamgbose Tayo Taofia, operating as Banut Haulage.
The prosecutor also revealed that the defendant fraudulently obtained funds from Polaris Bank Limited by falsely claiming that the loan was secured by a fixed deposit account (number 0071572791) valued at N111,540,380.52, belonging to Yinkus Multibiz Ventures, with the supposed consent of its owner, Mrs. Olayinka Hannah Aderibigbe.
Furthermore, It was also claimed that he unlawfully diverted a fixed deposit belonging to Polaris Bank Limited with account number 0071277522 worth N15, 011,441.00 (Fifteen Million, Eleven Thousand, Four Hundred and Forty-One Naira) belonging to Atolagbe Joshua Tinuoye for his personal gain.
Despite the accusations, the defendant asserted his innocence, entering a plea of not guilty.
The prosecutor formally requested that the court order the defendant’s temporary detention at the correctional facility until the commencement of his trial.
“My Lord, the prosecutor intended to call 10 witnesses regarding this case and we urge the court to remand the defendant in custody”, Adewunmi said.
In opposition, the defense counsel, Osho Oludoshu stated that a bail application had been filed on his client’s behalf.
With a brief ruling, Justice Olubunmi Abike-Fadipe adjourned the case and directed that the bail application be formally submitted to the court prior to the scheduled trial date.
“I adjourn this case to Match 6 and 19, 2025, and I remand the defendant at the correctional centre. They are entitled to bring a bail application before his trial date”, the judge declared
Eniola Jolaoso