For allegedly defrauding the mortgage firm of a sum to the tune of N32, 632, 667.91 million, the former Managing Director, MD, Mortgage PHB Limited, Bayo Adewakun, was today arraigned before a Federal High Court sitting in Ikoyi, Lagos State, Nigeria.
Bayo Adewakun was arraigned by the office of the Department of Public Prosecution, DPP, of the Office of the Attorney-General of the Federation, AGF, before Justice Saliu Saidu on four counts charge of reckless granting of loan facilities without having mandatory approval from the Bank.
Bayo Adewakun was alleged to have committed the offence between April 29, 2014 and June 28, 2019, while at the helm of affairs of the mortgage firm.
Bayo Adewakun was alleged to have recklessly granted loan facilities of more than 20 percent of shareholders funds to his firm, B. Waks Consultant.
The alleged offences according to prosecutor, Mrs. Gladys Ezinwa-Ukoha, are contrary to 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) CAP F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (3) of the same Act, and sections 20 and 18(a) of the Banks and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2004 and Punishable under under Section 18(2) of the same Act.
The prosecutor, while arraigning the defendant, alleged that he recklessly granted a facility of N10 million, N5 million and N17. 632, 667.91 million, to his firm, B. Waks Consultant, without adequate security for such facilities .
The prosecutor also told the court that the defendant used the said facilities to partly finance the completion of a Housing Development at Victoria Garden City (VGC) for outright sale.
However, the defendant pleaded not guilty to the charges.
Upon the defendant not guilty plea, the prosecutor asked the court for a trial date.
The defendant’s counsel, S. B Joseph and A. A. Kelani told the court that they have filed their client’s bail application and has been served on the prosecutor.
The counsel pleaded for a short date to hear and determine the application.
The prosecutor, Mrs. Ezinwa-Ukoha, admitted being served with the application but said she needed to go through the application and file her response.
With the parties demanding for a short date, Justice Saliu Saidu, adjourned the matter till Monday, March 16, for hearing and determination of the defendant’s bail application.
Justice Saidu however ordered that the defendant be remanded in the custody of Nigerian Correctional Services (NCS) till the determination of the bail application.
