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Court Jails Former New Prudential Bank MD, Adetunji Abudu Two Years Over N195m Fraud

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A Federal High Court sitting in Ikoyi, Lagos, Thursday convicted former New Prudential Bank, Managing Director Adetunji Abudu and sentenced him to two years imprisonment over N195 million fraud.

Abudu’s conviction was at the instance of the Economic and Financial Crimes Commission, EFCC.

EFCC spokesman, Tony Orilade said this in a statement in Abuja.

He added, “The convict was arraigned on Wednesday, February 17, 2016, on a four-count charge of acting in contravention of the Banks and Other Financial Institutions Act( BOFIA) 2004 to the tune of N195m( One Hundred and Ninety-five Million Naira).

“Abudu, while being the Managing Director of the bank, obtained a N35m loan and another N110m loan without authorization.

“The former New Prudent Bank boss also approved the setting off of a N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorized in accordance with the bank’s policy and in contravention of BOFIA 2004.

“In another count, the defendant failed to disclose his interest in Total Access and Integrated Concept Limited, an offense contrary to Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004.

“The defendant pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

“In the course of the trial that began on April 12, 2016, the lead prosecution counsel, A.B.C. Oziokor, called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defense presented five witnesses.

“Both parties consequently adopted their written addresses, after the closure of the case”.

In his ruling, Justice I.N. Buba found the defendant guilty on counts one, two, three and four as charged.

Further, the Judge said “The court has considered the fact that the convict is a first-time offender, a family man, and a breadwinner.

“The court will be lenient, given that the convict is a first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.

“This is a matter the convict should not have allowed to go through the rigors of a criminal trial, having been given the opportunity to refund the money. But he still remained obstinate.”

Buba, therefore, sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of Judgment.

He also ordered that the sentences are to run concurrently.

But the convict was ordered to make restitution to the complainant, in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA, “if the properties released cannot meet up the amount of exposure to the complainant.”

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BIG STORY

Kidnappers Collect N3.5m, 10 Tubers Of Yam, 30 Litres Of Palm Oil, Carton Of Schnapps To Release Victims In Ogun

Peter Okunoren

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Facts have emerged on how the three victims of kidnappers in Ode-Omi in the Ogun Waterside Local Government Area of Ogun state were released from their captors.

A family source told our correspondent on Monday that the kidnappers collected a sum of N3.5m, a carton of Schnapps, 30 litres of palm oil and 10 tubers of yam before the victims were released.

The police in the state had last Friday said they had rescued the son of the Chief Imam of Ode-Omi, Abdulazeez Sanni and two others – Adams Bamidele and Jelili Adams – who were abducted last Sunday.

The trio were reportedly kidnapped on the eve of the Eid-el Adha in Ode-Omi, a boundary community between Lagos and Ogun states.

The state Commissioner of Police, Bashir Makama, had said no ransom was paid.

The source said, “The kidnappers collected N3.5m, carton of schnapps, 30 litres of palm oil, 10 tubers of yam and a five-litre keg of vegetable oil.”

The Police Public Relations Officer in the state, Abimbola Oyeyemi, said the police command was not aware of the payment of any ransom.

Oyeyemi said, “The victims were rescued by policemen of this command. We are not aware of any ransom.”

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BIG STORY

BREAKING: EFCC Raids Former Lagos Governor Ambode’s Country Home In Epe

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Operatives of the Economic and Financial Crimes Commission, EFCC, are raiding the residence of Akinwumi Ambode, former governor of Lagos state, in Epe area of the state.

Tony Orilade, the spokesperson of the anti-graft commission, confirmed this development to journalists.

Orilade denied that they were at Ambode’s residence on a raid, explaining that they are only there for an investigation.

“It is not true, we don’t raid. An investigation is on-going in respect of the petition we have, that is why we are here,” he said.

This is a developing story.

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BIG STORY

Soldiers Attacked, Beat Up Policemen For Arresting Drug Dealer —- Report

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More revelations have come to light about the activities of soldiers attached to Battalion 93, Takum, including how they allegedly shielded a drug dealer who was about to be arrested by the police.

Special Forces from the battalion were said to have also attacked the five policemen who went on an operation to arrest a narcotics dealer in Kwesati village, Ussa Local Government Area of Taraba State, last year.

The policemen who stormed the village to arrest one Endurance Mike for allegedly selling tramadol and other banned psychotropic drugs were allegedly beaten up by 10 soldiers attached to the Operation Whirlstroke.

A police report on the incident, obtained from police archives on Monday by Punch correspondents in Abuja, stated that the incident, which occurred on June 30, 2018, almost led to a violent confrontation between policemen and soldiers of Battalion 93.

The report, with reference number CK4161/AC/TK/TRS/VOL.1/2 dated July 7, was written by the Area Commander, Takum Area Command, ACP Ayuba Dickson, to the Commissioner of Police, state headquarters, Jalingo.

It explained that when the policemen got to Mike’s shop where he also sold medicines, they met a soldier who exchanged hot words with them on learning that they wanted to arrest the shop owner.

It said, “While the police team was still inside the shop, the unnamed soldier went out and mobilized more than 10 fellow soldiers who came on motorcycles and beat up the policemen, seized the confiscated drugs and set the suspect free. One of the men also seized and chewed the search warrant and swallowed it.

“The soldiers also forcefully seized two rifles from the police team and took them to their makeshift office.”

The report identified the injured policemen as the Divisional Crime Officer, Ussa Division, ASP Usman Madugu, Inspector Ishaku Garba, Sergeants Moses Ashoon and Punadanda Ahmadu and Cpl. Manasseh Alfred.

 

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