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FRAUD In Stanbic IBTC ! Staff Allegedly Coverts Multi-Million Naira Bad Loan To Personal Use

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3 weeks ago

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A Federal High Court sitting in Lagos, South West, Nigeria has adjourned till 24th of May 2023, a case of Stanbic IBTC staff alleged to have fraudulently converted the sum of N250 Million to his personal use.

When the case was mentioned, the Police prosecuting counsel M. U.Usman told the court that, the defendant has approached the bank for amicable settlement, in view of this development he urged the court to give fairly long adjournment. The defendant’s counsel Mr.M.N. Oku did not raise any objection.

Consequently, the presiding Judge, Abimbola Awogboro adjourned till 24th of May, 2023 for report of settlement.

Ajayi Olusola a staff of StanbicIBTC bank was arraigned before the court based on a petition written and jointly signed on behalf of Stanbic IBTC Bank by Kayode Agbetoye

Manager, investigations and Fraud Risk and Rekia Eletu

Head, Investigations and Fraud Risk, the petition titled “Alleged Diversion of Approved Written -off Amounts for Bad Loans by Olusola Ajayi Others.

Sola David-Borha, Stanbic IBTC Chairman
The petition was written and address to the Commisioner of Police Special Fraud Unit 13b,Milverton Avenue Ikoyi Lagos.Nigeria.

Stanbic IBTC Bank PLC in the said petition stated thus:

We are currently investigating a case of alleged diversion of approved Written-off Loan by some staff members and others. The amount to be written-off, as approved by the Board,were expected to be posted into loan accounts of the beneficiary debtors, to nil off the outstanding loans as provisioned. It was however discovered that the written off amounts were diverted and credited into personal and corporate accounts where the funds were utilized by the account owners.

Our preliminary findings revealed that on 21 April 2021, the Bank’s Board approved to write off total amount of N37,628,329.00 on 28 defaulting customers’ accounts. The request was to write off the outstanding exposures (as well as the debit interest that would have accrued before the actual entries are passed). Also, the Board’s approval was obtained on 21 April 2021 to write -off total amount of N2,462,057,201.71 on 848 defaulting customers’ accounts.

Some of the amounts approved for write off into the loan accounts of the defaulting customers were discovered to have been diverted and credited into a Corporate Account, Able System Services Nigeria Ltd. (ASSNL), a customer of the bank.

A review of the transfers from ASSNL’s account showed that 36 beneficiaries in other banks received total amount of N55,118,002 between 2015 and 2021. Three (3) of these recipients are customers of Stanbic IBTC bank – Ajayi Olusola (staff), Ayodele Omoniyi Olaogun and Hakeem Abdulliadi. Olusola Ajayi received total amount of N12.5Million into his Bank account from between November 2020 and May 2021. Also, Ayodele Omoniyi Olaogun received total amount of N9.74million to his Access Bank account from ASSNL between September2015 and May 2021.

Ajayi Olusola is an employee of the bank. He was a staff member of MIS Unit and currently a Business Support & Resolution (BS&R) team in the bank member was a staff in the member Bank. Ayodele Omoniyi Olaogun is ex-staff and currently Olaogun is an ex-staff of the bank He was a staff of the bank. He was a staff member of the MIS Unit.

We therefore request that you use your good office to conduct a detailed investigation into this incident and effect the arrest of the suspect(s) for prosecution.

We count on your usual cooperation

The petition was was investigated and at the end of the investigation five count charge was filed before the court against Ajayi Olusola and his company Abel Services Nigeria Limited and others at large by the Police Legal Officer Barrister Azubuike Sylvester.

The amended version of the charge as filed before the court, by Police Legal Officer Azubuike Sylvester is stated below:

AMENDED CHARGE

COUNT 1

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank did conspired amongst yourselves and others now at large to commit a felony to wit: obtain the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

COUNT 2

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICESNIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank by False Pretence and with intent to defraud, obtained the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by Falsely representing to the bank that you applied the funds as approved by the Board of the bank for the purpose of offsetting written off debt otherwise known as BAD DEBTS. Whereas you credited ABEL SYSTEMS SERVICES NIG. LTD and subsequently converted the money to your own use and benefits amongst yourselves and others at large.

The representation you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence Contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.

COUNT 3

That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court, did convert to your own use and benefits the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Stanbic IBTC Bank, Lagos and thereby committed an Offence Punishable Under Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.

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Appeal Court Reinstates Adeleke As Winner Of Osun Governorship Poll

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3 days ago

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March 24, 2023

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The Court of Appeal in Abuja has ruled that Governor Ademola Adeleke of the Peoples Democratic Party (PDP) is the winner of the Osun state governorship election.

At its sitting on Thursday, the appellate court nullified the judgement of the election tribunal declaring Gboyega Oyetola of the All Progressives Congress (APC) winner of the election.

Oyetola was declared the winner by the election tribunal after he went to court to challenge the victory of Adeleke, as announced by the Independent National Electoral Commission (INEC).

Delivering judgment on January 27, two out of the three-member panel held that the former governor was able to prove that there was over-voting in some of the polling units.

Adeleke had rejected the judgment, describing it as “a miscarriage of justice” and “an unfair interpretation against the will of majority of voters”.

In the 31 grounds of appeal, Adeleke begged the court for “an order setting aside the whole decision of the tribunal”.

He also sought “an order striking out the petition for want of competence and jurisdiction or in the alternative, an order dismissing the petition on the merit”.

Adeleke submitted that the tribunal exhibited bias when it said: “The second respondent cannot ‘go lo lo lo lo’ and ‘buga won’ as the duly elected governor of Osun state.”

The appellate court, in a unanimous decision by a three-member panel of Justices on Friday, held that the appeal the governor lodged to challenge his sacking by the Osun State Governorship Election Petition Tribunal, was meritorious.

Aside from setting aside the judgement of the tribunal, the court, in its lead judgement that was delivered by Justice Mohammed Lawal, awarded N500,000 cost against APC and its candidate, Oyetola.

 

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Travel Agent, Abioye Abolaji arraigned for visa fraud linked to 77 applicants

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3 days ago

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March 24, 2023

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The Police Special Fraud Unit in Lagos State has arraigned a travel agent, Abioye Abolaji, for alleged visa racketeering, including the forging of the United Nations invitation letters for no fewer than 77 visa applicants in the state.

The spokesperson for the PSFU, SP Eyitayo Johnson, in a statement on Thursday, said Abolaji was arraigned on 11 counts bordering on alleged forgery, obtaining money by false pretence, false representation and stealing.

He said, “The arrest of the suspect was in furtherance to a petition from the Diplomatic Security Services Regional Security office at the United States Consulate General, Lagos, which requested a discrete investigation into forged documents submitted by certain C-2 visa applicants to the Non-Immigrant Visa Unit of the USCG. The C-2 visa is an NIV category reserved for participants at United Nations conferences/events.

“An investigation by the USCG and the PSFU into 77 C-2 applications from 24 organisations in Nigeria to attend two separate conferences, including the 67th session of the UN Commission on the Status of Women and the UN 2023 Water Conference scheduled to take place in New York between March 22 and 24, 2023, revealed that most of the applicants are not qualified for the visa classification they applied for because the applicants provided forged UN invitation letters.

“The applicants, who claimed to be employees of Osun and Sons Agricultural Venture, Ray D. Exclusive Electrical Contractor, or ACE Technoresources Integrated Services, planned to attend the UN Water Conference as representatives or nominees of these organisations but investigation revealed that none of the organisations is in consultative status with the UN and that the employment of most of the applicants had no bearing to either of the referenced UN conferences.”

Johnson said further information elicited during police interviews of the visa applicants led to the arrest of Abolaji, who was described as the arrowhead of a notorious syndicate that specialised in visa fraud.

“Consequently, the Commissioner of Police, PSFU, Adepoju Ilori, advised prospective visa applicants to desist from patronising document vendors/visa racketeers for the processing of category B-1 and B-2 visas or any other travel documents.

The CP further encouraged applicants to research the procedure/requirements of visa for their intended country of destination or to approach the diplomatic section of the PSFU for guidance in order not to fall victim to visa racketeers. The unit is currently on the trail of other members of the syndicate,” the statement said.

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I Never Told Anyone That I Will Die Soon – Odumeje

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3 days ago

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March 23, 2023

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Controversial Anambra-based fiery pastor, Chukwuemeka Ohanaemere, popularly known as Odumeje has dismissed the rumour saying that he declared he would die soon.

Report had emerged that Odumeje, during Sunday service at Mountain of Holy Ghost Intervention and Deliverance Ministry, Onitsha, said he had completed his assignments on earth and was time to go.

The reports also alleged that the death announcement might not be unconnected with the demolition of part of his church recently by the State Government.

According to the reports, while the news came to some members of the congregation as surprise, others wept, saying they don’t want him to leave them soon.

But speaking on phone, Okoye described such news as untrue, saying the prophet never instructed his son, David to take care of his house after his death.

She said, is not true (that prophet Odumeje said during Church service last Sunday that he will die soon).

You know that some people when they want to destroy someone’s image, they will write something with your name and put it in a YouTube and say that you said it.

The prophet never instructed his son, David to take care of his house and that he will die soon.

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