8th February, 2025
By Akin Kuponiyi
The trial of Chukwuemeka Emeri, the Managing Director of Obioma Microfinance Bank (MFB), accused of financial misconduct involving ₦328.15 million, has been adjourned to March 11, 2025, for continuation.
Emeri is facing charges alongside Akponsibruke Ochuko, an investor and significant shareholder in the bank, who allegedly facilitated an irregular withdrawal of funds without adequate security or collateral.
The transaction, which took place on August 4, 2011, reportedly violated banking regulations under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act.
According to the amended four-count charge filed by the Director of Public Prosecution of the Federation, M. B. Abubakar, Emeri, while serving as the bank’s Managing Director, allegedly acted on instructions from Ochuko to divert ₦328.15 million to First Call Option Marketing Limited.
This was reportedly done through emails and handwritten directives, bypassing standard banking procedures.
The prosecution maintains that the act contravenes Section 20(2)(a) of the Banks and Other Financial Institutions Act (BOFIA), Cap F2, Laws of the Federation of Nigeria, 2004, and is punishable under Section 18(2) of the same Act.
The court proceedings will resume on March 11, where further evidence and testimonies will be presented.
