Polaris Bank Manager remanded in custodial centre over multi-million naira fraud

Again, Polaris Bank, a commercial retailing Bank Manager, Abiodun Sanni at the Ikoyi Correctional in Lagos over a multi-million naira fraud.

The Judge of Special Offences Court sitting in the Ikeja area of Lagos State, on Monday, November 18, 2024 ordered for his remand, given the humongous amount of fraud he perpetuated while serving as the branch manager of the bank.
The Economic and Financial Crimes Commission on Monday arraigned the banker and arraigned him on a 16-count charge bordering on obtaining credit by false pretence, forgery, use of false documents, and stealing.

The EFCC’s lawyer, Orhieoghene Adewunmi told the Court that Sanni used his position as the Iju branch Manager of Polaris to perpetuate the crime on February 24, 2020, revealing that he obtained a credit sum of N17 million in form of a loan.

According to him, he took the loan under pretext that the loan had collateral in the form of a fixed deposit worth N111.1 million, which belonged to one Yinkus Multi-biz Ventures which turned out to be falsehood.

The EFCC lawyer also alleged that the former bank manager dishonestly converted a Polaris Bank fixed deposit account worth N15.1 million, belonging to one Joshua Atolagbe, to his personal use.

Citing Sections 36(1), 278(1), 313(1)(a), 361 (1) and 364 (1) of the Criminal Law of Lagos State, 2011, the EFCC lawyers said, the bank manager contravened the law.

Responding, Sanni, pleaded not guilty to all the counts preferred against him.

Adewunmi urged the court to remand the defendant.

“My lord the prosecution intends to call 10 witnesses in this case. We urge the court to remand the defendant in custody in view of his not-guilty plea,” the EFCC lawyer said.

The defence counsel, Osho Oludoshu, told the court that he had filed a bail application.

The presiding judge, Justice Olubunmi Abike-Fadipe, thereafter, remanded Sanni at the custodial centre and adjourned the case until March 6, 2025, for the commencement of trial.

CAPITAL POST recalled the many fraud in Polaris Bank that may threaten the prospects of shareholders and bank customers.