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.