BUSINESS- The federal high court sitting in Lagos south west Nigeria has adjourned till 24th of May 2023,a case of Stanbic IBTC staff alleged to have fraudulently converted the sum of N250 Million to his personal use.
Reports has it that when the case was mentioned,the Police prosecuting qq counsel M. U.Usman told the court that,the defendant has approached the bank for amicable settlement,in view of this development he urged the court to give fairly long adjournment.The defendant’s counsel Mr.M.N. Oku did not raise any objection.
Consequently,the presiding Judge, Abimbola Awogboro adjourned till 24th of May,2023 for report of settlement.
Ajayi Olusola a staff of StanbicIBTC bank was arraigned before the court based on a petition written and jointly signed on behalf of Stanbic IBTC Bank by Kayode Agbetoye
Manager, investigations and Fraud Risk and Rekia Eletu Head, Investigations and Fraud Risk, the petition titled “Alleged Diversion of Approved Written -off Amounts for Bad Loans by Olusola Ajayi Others.
The petition was written and address to the Commisioner of Police Special Fraud Unit 13b,Milverton Avenue Ikoyi Lagos.Nigeria.
Stanbic IBTC Bank PLC in the said petition stated thus:
We are currently investigating a case of alleged diversion of approved Written-off Loan by some staff members and others.
The amount to be written-off, as approved by the Board,were expected to be posted into loan accounts of the beneficiary debtors, to nil off the outstanding loans as provisioned.
It was however discovered that the written off amounts were diverted and credited into personal and corporate accounts where the funds were utilized by the account owners.
