Crisis brews at Access Bank Over Alleged Theft of N3.5bn Customers' Funds


BY JENNIFER NWOSU

Access Bank PLC is embroiled in a significant scandal involving the alleged theft of N3.5 billion by three individuals: Michael Igbomins, David Onyeike, and Moses Iruolaje. In an effort to recover the stolen funds, the bank enlisted the help of the Economic and Financial Crimes Commission (EFCC). The EFCC promptly arraigned the suspects before the Ikeja Special Offences Court, charging them with stealing and retaining proceeds of crime totaling N3.5 billion from Access Bank.

During the court proceedings, the defendants pleaded not guilty to the charges. EFCC counsel Abdulhamid Tukur requested a trial date and urged that the defendants be remanded in a correctional facility. The defense counsel noted the absence of a pending application but expressed hope that necessary actions would be taken before the next adjournment.

The prosecution detailed that the alleged crimes occurred in Lagos in 2023. They asserted that the defendants, with dishonest intent, misappropriated the N3.5 billion belonging to Access Bank and knowingly retained the unlawful proceeds. These actions are said to contravene Section 17 of the EFCC Establishment Act, 2004, and Section 280 of the Criminal Laws of Lagos State 2015.

Judge Olubunmi Abike-Fadipe ordered the defendants to be remanded in Ikoyi Custodial Centre pending their bail application hearing. The case has been adjourned to November 28 for the commencement of the trial.

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