A former Managing Director of Mortgages PHB Ltd Bayo Adewakun has been remanded in Nigerian Correctional Services (NCS) custody by a Federal High Court in Lagos on Monday.

The order was given by Justice Saliu Saidu after Adewakun was arraigned before the court on a four-count N32, 632, 667.91 fraud charge.

The defendant was charged by the Department of Public Prosecution (DPP) of the Office of Attorney-General of the Federation (AGF).

Prosecution counsel Gladys Ezinwa-Ukoha alleged that Adewakun committed the offence between April 29, 2014 and June 28, 2019, while at the firm’s helm of affairs.

The court heard that aside allegedly defrauding the bank, the defendant also recklessly granted loan facilities of more than 20 percent of shareholders funds to his firm, B. Waks Consultant.

The offences, according to Mrs Ezinwa-Ukoha, contravened Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank) Act 2004 and were punishable under Section 16(1)(3) of the same Act.

They also contravened Section 20 and 18(a) of the Banks and Other Financial Institution Act (BOFIA) 2004 and were punishable under under Section 18(2) of the same Act.

The defendant pleaded not guilty.

His counsel, S. B Joseph and A. A. Kelani, told the judge that they had filed their client’s bail application and had served same on the prosecution.

They applied for a short date to hear and determine the application.

Justice Saidu granted their prayer and adjourned till March 16.

He remanded Adewakun’s pending determination of the application.

Let's block ads! (Why?)