A Federal High Court sitting in Lagos yesterday has slated the arraignment of the Managing Director (MD), defunct Integrated Microfinance Bank, Akinteye Ademola and three others to January 22, 2014 for trial.
The former bank chief; Ademola is being charged together with Dr. Doyin Abiola, Jerry Orimovuohoma and Oladapo Bello, who were directors of the bank between 2006 and 2008.
They are standing trial on a five-count charge that borders on misappropriation of the bank’s funds, and granting credit facilities to themselves without collateral.
The case which was fixed on Tuesday for their arraignment was stalled due to the absence of three of the accused.
At the last adjourned date on November 15, only the first accused (Ademola) was present in court for his arraignment.
This prompted the trial judge, Justice Okon Abang to adjourn the case to enable the prosecution to produce the remaining accused in court.
When the case was mentioned on Tuesday, the prosecutor, Mr Ernest Ezebilo from the Federal Ministry of Justice, informed the court that the accused were still absent from court.
The judge therefore ordered hearing notices to be served on the accused and adjourned the case to January 22 for their arraignment.
The accused were charged over alleged misappropriation of over N500 million, property of the bank.
The accused were alleged to have granted credit facilities to themselves and other related companies, in the tune of N327, 566, 000.
It was also alleged that Ademola while serving as MD of the bank, caused the sum of N131.176million to be withdrawn by one Adewale Ayoade, the head of the bank’s treasury, which he converted to his personal use.
According to the charge, Abiola, Orimovuohoma, and Bello, while being directors of the bank, also recklessly granted credit facilities in the sum of N27 million, N26 million and N3.2 million respectively to themselves.
The offence is said to contravene the provisions of section 19(1)(d), 20(1)(a), and sections 23(4), of the Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act (as amended), 2004.
It also contravenes the provisions of section 516 of the Criminal Code Act, 2004.