MD Remanded For Defrauding Microfinance Bank

The Managing Director and Chief Executive Officer, CEO, of Datane J. Services has been arraigned by the police at the Special Fraud Unit, Milverton Street, Ikoyi, Lagos State, southwest Nigeria, on a two-count charge of obtaining money under false pretence.

Olatunji, who resides at No. 2, Plot 6, AP Street, Ikorodu, Lagos, was arrested and arraigned in court following a complaint lodged by the management of Parkway Microfinace Bank Ltd. that the accused obtained for and on behalf of Datane J. Services the sum of N5.5 million from the bank between December 2009 and 30 June, 2010 and he allegedly refused to pay back the money as agreed.

After investigation, the accused was charged before the Igbosere Magistrate’s Court for stealing.

Count two of the charge reads: “That you Fadun Adesegun Olatunji of the above address on the same date, time and place in the aforesaid magisterial district, did steal by converting the sum of N5.5 million, property of Parkway Microfinance Bank Ltd.”

The offences, according to the prosecutor, are punishable under Section 419 and 390(9) of the Criminal Code, Cap. C17, vol. ii, laws of Lagos State of Nigeria, 2003.

The accused pleaded not guilty to the charge and the presiding magistrate, Mr. B. A. Sonuga, who stood in for Mrs. Alli Balogun, admitted him to bail in the sum of N1 million with two sureties in like sum who must provide evidence of tax payment to the Lagos State government.

He thereafter adjourned the matter till 16 November, 2011 for mention.

The accused was taken to Ikoyi Prison when he could not perfect his bail conditions.

—Paul Iyoghojie