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Ex-Bank MD bags 2-year jail term over N195m fraud

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The Economic and Financial Crimes Commission (EFCC) on Thursday said it has secured the conviction and sentencing of Adetunji Abudu, a former Managing Director, New Prudential Mortgage Bank Limited, to two years imprisonment.

Justice I.N. Buba of the Federal High Court sitting in Ikoyi, Lagos, handed the jail term to Abudu after he was found guilty of N195 million fraud case.

According to Tony Orilade, the EFCC’s acting Head, Media and Publicity, the convict 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 N195 million.

Abudu was said to have, while serving as the managing director of the bank, obtained N35 million loan and another N110 million loan without authorisation.

He also approved the setting off of N50 million unauthorised loan to Total Access Concept Limited by Addoser Micro-finance Bank.

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 had pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

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The trial which commenced since April 12, 2016, eventually came to an end on Wednesday with Justice Buba declaring the defendant guilty on counts one, two, three and four as charged.

The Judge sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of Judgment. The sentences are to run concurrently.

The convict was equally ordered to make restitution to the complainant, in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA, “if the properties released cannot meet up the amount of exposure to the complainant.”

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