A dubious bank Manager has landed in serious trouble after he allegedly defrauded his bank the sum of N317 million.
*Photo used for illustrative purpose*
The Acting Managing Director of Uda Community Bank, now Uda
Microfinance Bank, Fredrick Ogbueifun has been arrested and arraigned by
the Economic and Financial Crimes Commission, on Friday before Justice
P.A. Ajoku of the Federal High Court, Benin, Edo State on a 33-count
charge for alleged abuse of office to the tune of N317m.
He is alleged to have raised different overdrafts at different
times in favour of several account holders above the limit laid down by
the law and the bank’s regulation.
He pleaded not guilty to all the counts when they were read to him in court.
One of the counts reads: “that you Fredrick Ogbuifun while
being the Acting Managing Director of Uda Community Bank Nigeria Limited
(now Uda Microfinance Bank Limited) on or about the 22nd of October
2007 within the jurisdiction of this honourable court did knowingly
grant and approved an overdraft in the sum of Three Million, One Hundred
and Fifty Thousand, Six Hundred Naira (N3, 150, 000, 600.00) in favour
of Assurance Venture Ltd an account holder with account No. 1210200072
which said sum is above your limit as the Acting Managing Director of
the bank as laid down by the law and in accordance with the bank’s
regulation and thereby committed an offence contrary to Section
15(1)(a)(b) of the Failed Banks (Recovery of Debt) and Financial
Malpractices in Banks Act CAP F2 of the Revised Edition (Laws of the
Federation of Nigeria 2007 and punishable under Section 16(1)(a) of the
same Act”.
In view of his plea, the prosecution counsel, Sadiq Hussaini asked the court to fix a date for the commencement of trial.
However, the defence counsel A.O.O.Ekpu urged the court to grant
his client bail with a promise that he will make himself available for
trial.
Justice Ajoku granted the accused person bail in the sum of
N1million with two sureties in like sum. The sureties must be public
servants not below level 12. The sureties must have landed property
within the jurisdiction of the court.
Justice Ajoku adjourned the matter to March 15, 2017 for trial,
while the accused person is to be remanded in prison custody pending the
perfection of his bail.
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