FRAUD: Stanbic IBTC Staff Allegedly Converts Multi-Million Naira Bank Loan For Personal Use
By People’s Voice Nigeria | News
A Federal High Court sitting in Lagos, South West Nigeria, has adjourned until May 24, 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 had approached the bank for an amicable settlement, and in view of this development, he urged the court to give a fairly long adjournment. The defendant’s counsel, Mr. M. N. Oku, did not raise any objections.
Consequently, the presiding judge, Abimbola Awogboro, adjourned the case until May 24th, 2023, for a report on 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 unit, and Rekia Eletu, head of 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 addressed to the Commissioner of Police, Special Fraud Unit 13b, Milverton Avenue, Ikoyi, Lagos, Nigeria.
Stanbic IBTC Bank PLC stated in the said petition as follows: “We are currently investigating a case of alleged diversion of an approved written-off loan by some staff members and others.” The amount to be written off, as approved by the Board, was expected to be posted into the loan accounts of the beneficiary debtors to nil off the outstanding loans as provisioned. However, it was 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 April 21, 2021, the bank’s board approved writing off a total 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 were passed). Also, the board’s approval was obtained on April 21, 2021, to write off a total 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 at 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 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 a total of N12.5 million into his bank account between November 2020 and May 2021. Also, Ayodele Omoniyi Olaogun received a total 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 & 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 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 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 benefit amongst yourselves and others at large.
The representation you knew to be false, did not believe to be true, or made recklessly and thereby committed an offense contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offenses 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.
