One Ajayi Olusola, a Stanbic IBTC staff member, is currently standing trial for allegedly converting the sum of N250 million bad debt to personal use.
Olusola is standing trial before Justice Abimbola Awogboro of the Federal High Court, Lagos.
When the case was mentioned, the Police prosecuting counsel, M. U. Usman urged for a lengthy adjournment because the defendant had approached the bank for an amicable settlement.
The defendant’s counsel, M.N. Oku, did not raise any objection.
Consequently, Justice Awogboro adjourned until the 24th of May, 2023, for a report of settlement.
Olusola was arraigned before the court based on a petition entitled, “Alleged Diversion of Approved Written -off Amounts for Bad Loans by Olusola Ajayi Others” jointly signed on behalf of Stanbic IBTC Bank by Kayode Agbetoye Manager, investigations and Fraud Risk and Rekia Eletu, Head, Investigations and Fraud Risk.
The petition addressed to the Commissioner of Police Special Fraud Unit, 13b, Milverton Avenue, Ikoyi, Lagos, Nigeria, stated, “We are investigating a case of alleged diversion of approved written-off loans by some staff members and others.
“The amount to be written-off, as approved by the Board, was expected to be posted into loan accounts of the beneficiary debtors to nil off the outstanding loans as provisioned.
“It was, however, discovered that the written off amounts were diverted and credited into personal and corporate accounts where the funds were utilized by the account owners.”
The bank in its petition that its preliminary findings showed that on 21 April 2021, the Bank’s Board approved to write off the total amount of N37,628,329.00 on 28 defaulting customers’ accounts.
It stated further that the request was to write off the outstanding exposures (as well as the debit interest that would have accrued before the actual entries were passed).
“In addition, the Board’s approval was obtained on 21 April 2021 to write off the total amount of N2,462,057,201.71 on 848 defaulting customers’ accounts.
The bank however noted that “Some of the amounts approved for write off into the loan accounts of the defaulting customers were discovered to have been diverted and credited into the corporate account of a customer, Able System Services Nigeria Ltd. (ASSNL).
Stanbic IBTC, after a review of the transfers from ASSNL’s account, discovered that 36 beneficiaries in other banks received a total amount of N55,118,002 between 2015 and 2021.
“Three (3) of these recipients are customers of Stanbic IBTC bank – Ajayi Olusola (staff), Ayodele Omoniyi Olaogun, and Hakeem Abdulliadi Olusola Ajayi received a total amount of N12.5Million between November 2020 and May 2021, while Ayodele Omoniyi Olaogun received N9.74 million, which was paid to his Access Bank account from ASSNL between September2015 and May 2021.
Olusola is in the MIS Unit and currently a Business Support & Resolution (BS&R).
Ayodele Omoniyi Olaogun is an ex-staff who also served in the MIS Unit when he was in the employment of the bank.
Upon investigation, the Police Legal Officer, Azubuike Sylvester, filed a five count charge against Ajayi Olusola and his company Abel Services Nigeria Limited and others who are presently at large.
The charges by Police Legal Officer Sylvester are stated below:
AMENDED CHARGE
COUNT 1: “That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank did conspired amongst yourselves and others now at large to commit a felony to wit: obtain the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by False Pretences and thereby committed an Offence Contrary to Section 8(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.”
COUNT 2: “That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICESNIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court while working as a staff at Stanbic IBTC Bank by False Pretence and with intent to defraud, obtained the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank by Falsely representing to the bank that you applied the funds as approved by the Board of the bank for the purpose of offsetting written off debt otherwise known as BAD DEBTS. Whereas you credited ABEL SYSTEMS SERVICES NIG. LTD and subsequently converted the money to your own use and benefits amongst yourselves and others at large.”
The representation you knew to be false or did not believe to be true or which you made recklessly and thereby committed an Offence contrary to Section 1(1)(a) and Punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.
COUNT 3: “That you AJAYI OLUSOLA ‘M’, ABEL SYSTEMS SERVICES NIG. LTD, AYODELE OLAOGUN, MR. HAKEEM ADISA ABDULHADI both now at large, between 2015 and 2021 at Stanbic IBTC Bank in Lagos, within the Jurisdiction of the Federal High Court, did convert to your own use and benefits the sum of N205,000,000 (Two hundred and five Million Naira Only) property of Stanbic IBTC Bank, which sum you knew or reasonably ought to have known, was the proceed of an unlawful act, to wit: obtaining money by false pretences from Stanbic IBTC Bank, Lagos and thereby committed an Offence Punishable Under Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended in 2012.” (Inside Business)
