Former bank MD, Adetunji Abudu jailed for N195m fraud

Former Managing Director of a Nigerian Bank, Adetunji Abudu has been sentenced to two years in jail for N195m fraud.

Justice I.N. Buba of the Federal High Court sitting in Ikoyi, Lagos has sentenced Adetunji Abudu, a former Managing Director, New Prudential Mortgage Bank Limited, to two years imprisonment for N195m fraud. EFCC has secured the conviction and sentencing on Wednesday.

Mr. Abudu was arraigned on Wednesday, February 17, 2016 on a four-count charge of acting in contravention of the Banks and Other Financial Institutions Act( BOFIA) 2004 to the tune of N195m( One Hundred and Ninety-five Million Naira).

While he was the Managing Director of the bank, Abudu obtained a N35m loan and another N110m loan without authorisation. The former New Prudent Bank boss also approved the setting off of a N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.

In another count, the defendant failed to disclose his interest in Total Access and Integrated Concept Limited, an offence contrary to Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004. The defendant pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

In the course of the trial that began on April 12, 2016, the lead prosecution counsel, A.B.C. Oziokor, called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defence presented five witnesses.

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