Police To Give Details How Stanbic-IBTC Staff Allegedly Defrauded Bank Of N205m

The police is set to give details on how a former staff of Stanbic-IBTC bank, Ajayi Olusola allegedly defrauded the bank to the tune of N205 million following his arraignment before a Federal High Court sitting in Lagos.

The defendant is facing three counts bordering on conspiracy, obtaining by false pretences and unlawful conversion preferred against him by the Police Special Fraud Unit, Ikoyi, Lagos.

The prosecutor, Mr Sylvester Azubuike, told the court that the defendant allegedly committed the fraud alongside one Ayodele Olaogun and Hakeem Abdulhadi, who were at large.

Azubuike said Olusola, who now operates a company, Abel System Services Limited, allegedly committed the fraud between 2015 and 2021, while he was working with the bank.

The former banker and his company were arraigned before Justice Abimbola Awogboro.

The defendant pleaded not guilty to the charges.

Justice Awogboro admitted him to bail in the sum of N50m with two sureties in like sum.

The court adjourned the case till November 10 for commencement of trial.

Meanwhile, besides the police arraignment of the former Stanbic-IBTC staff who allegedly defrauded the bank, the equity market extended losses on Thursday as the market capitalisation shed N25 billion or 0.10 per cent to close at N24.094 trillion from the 24.119 trillion on Wednesday.

Similarly, the All-Share Index dipped by 46.32 points or 0.10 per cent to 44,236.70 from 44,283.02 recorded on Wednesday.

The negative performance was due to selloffs in stocks of Zenith Bank and FBN Holding.

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