N14.5m Fraud: Bank MD, 2 Others Remanded In Prison

Written By Paul Ladi, Lagos

A former Managing Director (MD) of Cashcow Microfinance Bank Limited, Mrs Titilayo Adesanya, alongside a director of the bank, Olufemi Tinuoye, and one Oluwakemi Adebayo, were on Friday, arraigned before a Yaba Chief Magistrate’s Court on two count criminal charge of conspiracy and stealing the sum of N14, 500, 000.00 property of the bank.

The offences alleged to have been committed by the accused persons are contrary to and punishable under Section 285(7) of the Criminal Laws of Lagos state of Nigeria 2011.

When the charges were read to the accused persons, they all pleaded not guilty Consequently, Barrister Banji Baruwa who appeared for all the accused persons orally applied for bail on their behalf on liberal terms.

However, the prosecutor, Sergeant Benedict Aigbokhan opposed the accuses persons’ bail application on liberal terms, on the ground that some of the accused persons are still at large, and that it took the police considerable time and effort before the arraigned accused could be apprehended.

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He, therefore, urged the court to impose bail condition that will enable the accused persons to come for trial.

The presiding magistrate, Mr. P. O. Ojo in his ruling admitted bail to each of the accused persons in the sum of N500,000 with two sureties in like sum.

Each sureties according to the Chief Magistrate must deposit the sum of N250,000 with the Registrar of the Court and produce verifiable evidence of residence in Lagos State together with proof of payment of tax clearance for three years.

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The Chief Magistrate however, ordered that the accused persons be remanded in prison custody until the conditions of their bail are perfected.

The Chief Magistrate, thereafter adjourned the case to October 12, 2015, for the Prosecution to call its witnesses.



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