Nigeria’s Ex- Bank MD To Be Arraigned October 25 Over Alleged Fraud

Nigeria’s Ex- Bank MD To Be Arraigned October 25 Over Alleged Fraud

OpenLife Nigeria reports that a federal high court sitting in Lagos south west Nigeria, on Tuesday, while adjourning till 20th 0ctober,2022 for the re- arraignment of the former Managing Director of Mortgages PHB LTD Bayo Adewakun alleged to have recklessly granted loan to B. Waks consultants company without adequate security, ordered that hearing notice should be issued.
When the matter was mentioned,the defendant was not present in court, consequently Principal State counsel from the Department of prosecution of the Attorney General’s office, Barrister Ndidi G. Ukoha urged the court to issue hearing notice.The presiding Judge, Abimbola Awogboro acceded to his request.
The accused former Mortgages managing Director Bayo Adewakun was initially arraigned before Justice Saliu Saidu who has retired.
In a four count amended charge filed before the court by Ukoha, it was alleged that Bayo Adewakun granted loan in the sum of N33,632,667.17 without adequate security
The loan was alleged to have been granted to partly finance the completion of a housing development at Victoria Garden City for outright sale without adequate security.