Microfinance Bank Boss Bags 4 Years Over $166m Fraud

Justice Mojisola Olatoregun of the Federal High Court, in Lagos, yesterday, sentenced the former managing director of the defunct Integrated Microfinance Bank Limited, Simon Ademola Akinteye, to four years’ imprisonment over a $166.9 million fraud.

The court sent the former bank MD behind bars after convicting him of a nine-count charge of compliance, fraud and reckless granting of loans without collateral, brought against him by the Federal Ministry of Justice.

Ex Managing Director of Microfinance Bank convicted over fraud

Justice Olatoregun, however, gave the convict an option of N2million fine on each of the counts, adding that same shall be computed cumulatively.

The court had, on February 4, convicted Akinteye but persevered sentence till Thursday.

The judge also discharged and acquitted the convict’s co-defendant, Gabriel Adepoju.

When the case was called on Thursday, the judge called on counsel to the parties to address her before reading the sentence.

In her address, the prosecutor, Mrs O Ndidi, urged the court to impose the maximum sentence as prescribed by law, adding that a person so convicted of such offence, is liable to an imprisonment term of five years.

Ndidi also submitted that in addition, the court is empowered to order a refund of the money. “I submit that the convict be sentenced based on the appropriate law, and that the money be returned to the NDIC,” she said.

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