An Ikeja Special Offences Court on Monday ordered the remand of Abiodun Sanni, a former branch manager at Polaris Bank Ltd, at the Ikoyi Custodial Centre for alleged involvement in a multi-million naira fraud.
Sanni was arraigned by the Economic and Financial Crimes Commission (EFCC) on a 16-count charge that includes obtaining credit by false pretences, forgery, use of false documents, and stealing.
EFCC Counsel, Mrs. Orhieoghene Adewunmi, told the court that Sanni committed the offences on February 24, 2020, at the Iju branch of the bank in Lagos.
The prosecution stated that, in his capacity as branch manager, Sanni fraudulently obtained a loan of N17 million from the bank.
He allegedly misrepresented that the loan was secured by a collateral fixed deposit worth N111.1 million, purportedly owned by Yinkus Multi-Biz Ventures.
Additionally, the EFCC claimed Sanni dishonestly diverted a Polaris Bank fixed deposit, account number 0071277522, valued at N15.1 million, belonging to one Mr. Joshua Atolagbe, for his personal use.
The charges against Sanni contravene several sections of the Criminal Law of Lagos State, 2011.
Sanni pleaded not guilty to the charges.
The prosecution requested his remand in custody and informed the court it would call 10 witnesses during the trial.
Defence Counsel, Mr. Osho Oludoshu, mentioned that he had filed a bail application on behalf of the defendant.
Justice Olubunmi Abike-Fadipe, after considering the submission, ordered that Sanni be remanded at the Ikoyi Custodial Centre and adjourned the case to March 6, 2025, for trial to commence.
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