Ajayi Olusola, a former employee of Stanbic IBTC Bank, has been charged by the police in Lagos with defrauding the bank of N205 million. He was brought before the Federal High Court in Lagos.
Ajayi appeared in court on three counts of conspiracy brought by the members of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, on the docket of Justice Abimbola Awogboro.
The defendant was charged with committing the alleged fraud between 2015 and 2021 while still employed by the bank. He was charged in an arraignment along with a limited liability company called Abel System Services Limited.
The police prosecutor, Sylvester Azubuike, told the court that the defendant allegedly committed the fraud alongside one Ayodele Olaogun and Hakeem Adisa Abdulhadi, who is said to be at large.
Azubuike also informed the court that the offences violated sections 8(a) and 1(1)(a) and are punishable Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No 14 of 2006.
He further maintained that the offences are also contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 as Amended.
The former banker, however, pleaded not guilty to the charge.
Based on his plea, both the prosecutor and the defence lawyer, Bamidele Ogundele, argued the defendant’s bail application.
After listening to the arguments, Justice Awogboro granted the defendant bail in the sum of N50 million with two sureties in like sum.
The judge ordered that the two sureties must produce evidence of three years of tax payment to the Lagos State government and that one of the sureties must also be a landed property owner within the jurisdiction of the court.
She then adjourned the case to November 10, for the commencement of the trial.