Court Jails Former New Prudential Bank MD, Adetunji Abudu Two Years Over N195m Fraud

   

A Federal High Court sitting in Ikoyi, Lagos, Thursday convicted former New Prudential Bank, Managing Director Adetunji Abudu and sentenced him to 2 years imprisonment over N195 million fraud.
Abudu’s conviction was at the instance of the Economic and Financial Crimes Commission, EFCC.
EFCC spokesman, Tony Orilade said this in a statement in Abuja.

He commented “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 N195m( One Hundred and Ninety-five Million Naira).
“Abudu, while being the Managing Director of the bank, obtained a N35m loan and another N110m loan without authorization.
“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 authorized 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 offense 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.Have you read 📜 🗺️ 😂 #jaiyeorie 📎 ... CRITIC ALSO 🖋️ spill TEA ☕ Easy on Shade 💣 🖋️ 📜 COMMENT BELOW