Abdulazeez Abdulwahab
THE Police prosecutor in an alleged Two Hundred and Fifty Million (N250,000,000.00) insider fraud involving some members of staff of Stanbic IBTC Bank, M. U. Usman told Justice Abimbola Awogboro of a Federal High Court sitting in Lagos that the defendant has approached the bank for an amicable settlement and that in view of the development, he urged the court to give a fairly long adjournment.
The defendant’s counsel Mr.M.N. Oku did not object to the application.
Consequently, the presiding judge adjourned till the 24th of May,2023 for a report of settlement.
Ajayi Olusola, a staff member of Stanbic IBTC 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. The petition was written and addressed to the Commissioner of Police, Special Fraud Unit 13b, Milverton Avenue Ikoyi Lagos, Nigeria. Stanbic IBTC 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 bewritten off, as approved by the Board, was expected to be posted into loan accounts of the beneficiary debtors, to nil of 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 a write-off of a 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 a 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 a total amount of N55,118,002 between 2015 and 2021. Three (3) of these recipients are customers of Stanbic IBTC – Ajayi Olusola (staff), Ayodele Omoniyi Olaogun and Hakeem Abdulliadi. Olusola Ajayi received a total amount of N12.5 million in his bank account between November 2020 and May 2021.
“Also, Ayodele Omoniyi Olaogun received a total amount of N9.74 million to his Access Bank account from ASSNL between September 2015 and May 2021.
“Ajayi Olusola is an employee of the bank. He was a staff member of MIS Unit and currently a Business Support and Resolution (BS&R) team member was a staff member in the member bank. Ayodele Omoniyi Olaogun is an ex-staff. He was a staff of the bank. He was a staff member of the MIS Unit.
“We, therefore, request that you use your good offices 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 investigated and at the end of the investigation, a 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 the Police is stated below:
AMENDED CHARGE
Count One
That you Ajayi Olusola ‘M’, Abel System Services Nigeria Limited, 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 staffer at Stanbic IBTC Bank did conspire amongst yourselves, and others now at large, to commit a felony to wit: obtain the sum of Two Hundred and Five Million Naira (N205,000,000) 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 Two
That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Limited, Ayodele Olaogun, Mt. 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 staff members at Stanbic IBTC Bank by false pretence and with intent to defraud, obtained the sum of Two hundred and Five Million Naira (N205,000,000) 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 off-setting written-off debt otherwise known as bad debts. Whereas you credited Abel Systems Services Nigeria Limited and subsequently converted the money to your 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 Three
That you Ajayi Olusola ‘M’, Abel Systems Services Nigeria Limited, 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 use and benefits the sum of Two Hundred and Five Million Naira (N205,000,000) 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.