Bank MD jailed 4 yrs for $166m fraud

Justice Mojisola Olatoregun of a Federal High Court, Lagos, Thursday, sentenced a former Managing Director of the defunct Integrated Microfinance Bank Ltd, Simon Akinteye, to four years in prison over a $166.9 million fraud.

The court sentenced the convict to four years concurrent term of imprisonment on the nine count charge preferred against him by the Ministry of Justice.

The court, however, gave him an option of fine of N2 million on each of the counts, adding that same shall be computed cumulatively.

Mrs Olatoregun had convicted Mr Akinteye on February 4 after finding him guilty of all nine counts charge bordering on reckless granting of loans without collateral, preferred against him.

Meanwhile, the court had on the same February 4 discharged and acquitted his co defendant, Gabriel Adepoju.

The court had then adjourned Mr Akinteye’s sentence until February 21.

When the case was called on Thursday, the court called for addresses from counsel before reading the sentence.

In addressing the court, the prosecutor, O. Ndidi, urged the court to impose the maximum sentence as prescribed by law, adding that a person so convicted of such offence is liable to an imprisonment term of five years.

She argued that in addition, the court is empowered to order a refund of the money.

“I submit that the convict be sentenced based on the appropriate law, and that the money be returned to the NDIC,” she said.

On his part, the defence counsel, A. O Sherif, in urging the court for a mitigation before sentence, referred the court to the provisions of the Administration of Criminal Justice Act.

He urged the court not to impose the maximum sentence on the defendant, adding that he is a first offender with no past criminal records.

He urged the court to temper justice with mercy and impose a light sentence on the convict, adding that same should be allowed to run concurrently.

Delivering judgment, Mrs Olatoregun held that the court had been told that the convict is a first offender with no past criminal records.

She, however, held that the convict betrayed the trust of clients of the bank who had deposited their monies there.

While the sentence is to run concurrently, the fine imposed would be cumulative, adding that the sentence should serve as a deterrence to others.