N144m Fraud: Ex-Bank GM’s Arraignment Stalled


A Federal High Court sitting in Lagos has adjourned till 30 September, 2013 criminal charges of stealing about N144 million preferred against Chief Elder Ita O. Ette, the former General Manager of Cooperative Development Bank Plc.

The adjournment was necessitated by the absence of the accused, who was supposed to be arraigned Monday.

In an 11-count criminal charge filed before the court by the prosecuting counsel, Garuba Muhammed Gana from the office of Attorney General, it was alleged that Ette, while being General Manager of the bank between June 1999 and September 2000 and having supervisory responsibility over the bank’s headquarters at Uyo, Akwa Ibom state, did commit felony to wit, stealing the sum of about N144 million, property of the bank, manipulate the bank’s commission for the benefit of Ibom Clinic, a customer of Uyo branch and other customers.

He was further  accused of enriching Ibom Clinic with the funds of the bank.

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The prosecutor further stated that Ette, within the same period issued manager’s cheque for the sum of  N6 million, N7 million, N9 million respectively in the name of JHC Okolo and CAH Nwokeukwu.

Among other offences alleged to have been committed by the accused banker are: stealing of the bank’s money, under the guise of paying professional fees and crediting Ibom Clinic with the money of the bank.

It was also alleged that contrary to banking ethics, he willfully, with the intention to defraud, gave false information to the bank examiners.

—Akin Kuponiyi

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