Unsecured loan: Bank manager faces criminal charge

Unsecured loan: Bank manager faces criminal charge

Sunday, January 19, 2020 5:34 pm


 

 

Bayo Adewakun

Akin Kuponiyi

A criminal charge of reckless granting loan without adequate security has been filed against Managing Director of Mortgages PHB LTD, Bayo Adewakun

 

In a four-count amended  charge number FhC/422C/2019 filed before a Federal high court sitting in Lagos south west Nigeria by senior state counsel from department of public prosecution of the federation, Midi Gladys Ezinwa-Ukoha, the accused bank manager, Bayo Adewakun was alleged to have granted N32.6 million to a company, B. Waks Consultants, which is more than 20% of the shareholders fund unimpaired by losses without approval from the bank

The court has adjourned for the arraignment of the accused bank manager.

 

The charges, as filed before the court  are as  stated below :

COUNT 1

That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen’ Street) Yaba

near Alagomèji Bus Stop, between 29thApril, 2004 and 28 June 2019

while being the Managing Director of Mortgages PHB LTD at 8

Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos

within the Jurisdiction of this Honourable Court, recklessly granted

credit facility in the Sum of N10 million to B.Waks Consultants Ltd, without adequate security, contrary to the

accepted practice and you thereby committed an offence contrary to

Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and

Financial Malpractices in Bank Act) CAP F2, Laws bf the Federation of

Nigeria 2004 and Punishable under Section 16(1 (a) of the same Act

COUNT 2

That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queen Street, Yaba

near Alagomeji Bus Stop, Lagos between 2 April, 2004 and 28 June 2019

While being the Managing Director of Mortgage P.HB. LTD at 8 Amodu

Ojukutu Street Off Saka Tinubu Street, Victoria island, Lagos within

the Jurisdiction of this Honourable Court, recklessly granted a credit

facility in the Sum of N5, 000,000.00 to B.Waks Consultants Ltd. Without adequate  Security, contrary to the accepted practice you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial

Malpractices in Bank Act) F2, Laws of the Federation of Nigeria 2004

and Punishable under Section 16(1) (a) of the same Act.

COUNT 3

That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queens Street, Yaba near

Alagomeji Bus Stop, Lagos on or about February 2005 while being the Managing

Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street,Victoria Island, Lagos within the Jurisdiction of this Honourable

Court, approved the grant of a credit facility in the sum of N17,

632,667.91to B. Waks Consultants

Ltd to partly finance the completion of a Housing Development at

Victoria Garden City  (VGC) for outright sale without adequate security,

contrary to the accepted practice and you thereby committed an offence

contrary to Section 20(7) Of the Failed Banks and Other Financial Institution

Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002 as Amended,

and punishable under the same Act.

COUNT 4

That you Bayo Adewakun M of B,Waks Consultant 72 Queen Street, Yaba near

Alagomeji Bus Stop, between 29 April, 2004 and 28 June 2019 while being

the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the, Jurisdiction of this

Honourable Court, recklessly granted facility to B. Waks Consultants

Ltd, which is more than Twenty Percent of the Shareholders Fund

Unimpaired by losses without having  approval from the Bank and you

thereby committed an offence contrary to Section 20 (2) (a) of the Banks

and Other Financial Institution Act (BOFIA) CAP F2 Laws of the

Federation of Nigeria 2002, and Punishable under Section 18(2) of the

same Act.


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