Former Bank Manager Remanded Over Alleged ₦122 Million Fraud
A former Polaris Bank manager, Abiodun Sanni, who previously headed the Iju branch of the bank, was remanded on Monday by a Lagos State Special Offences Court in Ikeja. The remand followed his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations of misappropriating ₦122,011,441.
Sanni faces a 16-count charge, including obtaining credit by false pretenses, forgery, the use of false documents, and theft. The EFCC’s counsel, O. Adewunmi, informed the court that the alleged offenses were committed on February 24, 2020, while Sanni was in his role as a branch manager.
Details of the Allegations
The prosecutor stated that Sanni facilitated a ₦17 million loan for a customer, Bamgbose Tayo Taofia, who operated under the business name “Banut Haulage.” The loan was reportedly secured with a fixed deposit account worth ₦111,540,380.52, belonging to another customer, Yinkus Multibiz Ventures, without the account owner’s consent.
Additionally, Sanni is accused of dishonestly converting funds from another fixed deposit account worth ₦15,011,441.00, belonging to Atolagbe Joshua Tinuoye, for personal use.
Court Proceedings
During the hearing, the prosecutor emphasized the gravity of the offenses and urged the court to remand Sanni pending his trial. Adewunmi stated that the EFCC intends to call 10 witnesses to substantiate the charges.
In response, the defense counsel, Osho Oludoshu, informed the court that a bail application had been filed on behalf of his client.
Justice Olubunmi Abike-Fadipe ruled that the bail application should be submitted before the trial date. The judge subsequently adjourned the case to March 6 and 19, 2025, ordering that the defendant be remanded in custody at the correctional center.
Sanni pleaded not guilty to all the charges.
Next Steps
As the trial date approaches, all eyes are on the evidence and witness testimonies that will shed light on the high-profile allegations of financial misconduct. This case underscores ongoing efforts to address fraud and maintain accountability in the banking sector.
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