Two Men Jailed For Defrauding GTBank


A Lagos High Court sitting in Ikeja today sentenced two men Adekunle Adetowubo and Olugbenga Adetayo to nine years imprisonment each for defrauding Guaranty Trust Bank of $27,000 (N4.3m).

The duo were jailed by Justice Adeniyi Onigbanjo after pleading guilty to a three-count charge of conspiracy and stealing preferred against them by the Economic and Financial Crimes Commission (EFCC).

They had earlier pleaded not guilty to the charge during their arraignment on June 14, 2011 and were remanded at Ikoyi Prison in Lagos.

In his judgment, Onigbanjo sentenced the convicts to three years imprisonment on each count which is to run concurrently beginning from June 14,2011.

Onigbanjo said that they had shown remorse for their actions and had repaid about $7,000 as restitution to the bank during the period of their incarceration.

Related News

He further directed them to repay the balance of $20,000 within a year of their release from prison custody, upon the completion of their sentences.

The EFCC counsel, Mr Kayode Oni, had during their arraignment said the accused persons committed the offences on May 13,2010 at Apapa, Lagos.

Oni said they had conspired with one Uche (now at large) to steal the amount from Apapa branch of Guaranty Trust Bank through an account number 204170869210.

He their offences contravened Sections 390 and 516 of the Criminal Code Laws of Lagos State of Nigeria 2003.

—Henry Ojelu

Load more