COURT Remands Former Polaris Bank Manager Over Alleged N122m Fraud

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A former Polaris Bank Manager in the Iju branch, Abiodun Sanni, was on Monday remanded in the Correctional Centre by a Lagos State Special Offences Court, in Ikeja, over alleged N122 million fraud.

Sanni was arraigned on 16 counts bordering on obtaining credit by false pretences, forgery, use of false documents and stealing by the Economic and Financial Crimes Commission.

The EFCC’s prosecution counsel, O. Adewunmi, told the court that Sanni committed the offences on or about February 24, 2020, in Lagos.

Adewunmi told the court that the defendant while he was the Bank Manager of the lju branch of Polaris Bank Limited, obtained credit in the form of a loan in the sum of N17m, for one Bamgbose Tayo Taofia trading under the name and style of Banut Haulage.

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The prosecutor said that the money was obtained from Polaris Bank Limited, by the false pretence that the loan had collateral in the form of a fixed deposit account number 0071572791, worth N111,540,380.52 belonging to Yinkus Multibiz Ventures and that the owner, one Mrs Olayinka Hannah Aderibigbe, consented to it being used as collateral.

He was also alleged to have dishonestly converted a Polaris Bank Limited fixed deposit account number 0071277522 worth N15, 011,441.00 (Fifteen Million, Eleven Thousand, Four Hundred and Forty-One Naira) belonging to Atolagbe Joshua Tinuoye, to his use.

However, the defendant pleaded not guilty to the charges preferred against him.

The prosecutor, urged the court to remand the defendant at the correctional centre, pending his trial date.

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“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.

But the defence counsel, Osho Oludoshu, told the court that he had filed a bail application on behalf of his client.

In a short ruling, Justice Olubunmi Abike-Fadipe adjourned the case and ordered that the bail application should be submitted to the court before the date of trial.

“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 held.

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