Former MD Of Defunct Micro-finance Bank In N60 Billion Mess

A Federal High Court has convicted former Managing Director of the defunct Integrated Micro-finance Bank Limited, Mr. Simon Akinteye over $166.9 million (N60,013,980,000) fraud.

The trial judge, Justice Cecilia Olatoregun, convicted the former bank’s boss after finding him guilty of all the nine counts charge of reckless granting of loans without collateral, levelled against him by the Department of Public Prosecution (DPP), Federal Ministry of Justice.

DPP in the charge sheet, alleged that the two bank chiefs recklessly, without collateral approved credit facilities running into $166 million and N33.250 million to themselves and one Mrs. Temitope Muhammed Imam.

In the charge, the convict, Akinteye, was said to have at different times withdrawn from the bank’s account the total sum of N11 million and diverted same into his personal company named Deblad Nigeria Limited.