A former branch manager of Polaris Bank’s Iju branch, identified as Abiodun Sanni, has been remanded at a correctional facility by the Lagos State Special Offences Court in Ikeja over an alleged fraud of ₦122,011,441, News About Nigeria reports.
Sanni was remanded on Monday after being arraigned by the Economic and Financial Crimes Commission (EFCC) on 16 charges, including obtaining credit by false pretences, forgery, use of false documents, and stealing.
EFCC counsel O. Adewunmi informed the court that the offences occurred on or around February 24, 2020, in Lagos.
The prosecution alleged that while serving as the bank manager, Sanni secured a loan of ₦17 million for one Bamgbose Tayo Taofia, trading under the name Banut Haulage, by falsely presenting collateral in the form of a fixed deposit account worth ₦111,540,380.52.
The account, belonging to Yinkus Multibiz Ventures, was claimed to have the consent of its owner, Mrs. Olayinka Hannah Aderibigbe, to be used as collateral.
Sanni was also accused of dishonestly converting a Polaris Bank fixed deposit account worth ₦15,011,441, belonging to Atolagbe Joshua Tinuoye, for his personal use.
The defendant pleaded not guilty to all charges. The prosecutor requested that Sanni be remanded at the correctional facility pending his trial.
In her ruling, Justice Olubunmi Abike-Fadipe adjourned the case to March 6 and 19, 2025, and directed that the bail application be submitted before the trial date.
The judge stated, “I adjourn this case to March 6 and 19, 2025, and I remand the defendant at the correctional centre. They are entitled to bring a bail application before the trial date.”
