Abiodun Sanni, the former Bank Manager of Polaris Bank who oversaw the bank’s Iju, Lagos branch, has been charged by the Economic and Financial Crimes Commission (EFFC).
A Lagos State Special Offences Court in Ikeja remanded Sanni in the Correctional Centre on Monday in connection with the alleged fraud. The anti-graft agency charged the former bank manager with 16 offences related to acquiring credit under false pretences, forgery, using fraudulent papers, and theft.
BrandSpur banking and finance news reports that O. Adewunmi, the prosecution’s attorney for the EFCC, informed the court that Sanni committed the crimes in Lagos on or around February 24, 2020. According to him, the defendant secured credit in the shape of a loan of N17 million for a businessman named Bamgbose Tayo Taofia who operated under the name and style of Banut Haulage when he was the bank manager of the Lju branch of Polaris Bank Limited.
The money was obtained from Polaris Bank Limited, according to the prosecutor, under false pretences that the loan had collateral in the form of an N111,540,380.52 fixed deposit account number 0071572791 belonging to Yinkus Multibiz Ventures, and that the owner, Mrs. Olayinka Hannah Aderibigbe, had given her consent for it to be used as collateral.
Additionally, he was accused of dishonestly transferring N15, 011,441.00 (Fifteen Million, Eleven Thousand, Four Hundred and Forty-One Naira) from Atolagbe Joshua Tinuoye’s Polaris Bank Limited fixed deposit account number 0071277522 to his use.
Continuing the defendant, however, entered a not-guilty plea to the accusations that were brought against him. Before the defendant’s trial, the prosecutor asked the court to remand him to the penitentiary facility.
The EFCC’s prosecution counsel had this to say: “My Lord, the prosecutor intended to call 10 witnesses regarding this case and we urge the court to remand the defendant in custody.”
However, Osho Oludoshu, the defence attorney, informed the judge that he had submitted a bail request on his client’s behalf. Justice Olubunmi Abike-Fadipe delayed the case in a brief ruling and mandated that the bail application be filed with the court before the trial date.
According to the Judge: “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.”
