On Monday, the Ikeja Special Offences Court remanded a former Polaris Bank branch manager, Abiodun Sanni, in prison custody for multimillion-naira fraud.

Mr Sanni was arraigned by EFCC on a 16-count charge bordering on obtaining credit by false pretences, forgery, using false documents and stealing.

The EFCC counsel, Orhieoghene Adewunmi, told the court that the defendant committed the offences on February 24, 2020, at the Iju branch of the bank in Lagos.

The prosecution stated that the defendant, as the branch manager of Polaris Bank, obtained a credit sum of N17 million in the form of a loan from the bank.

He said the defendant collected the loan on the pretext that the loan had collateral in the form of a fixed deposit worth N111.1 million, which belonged to one Yinkus Multi-biz Ventures.

The anti-graft agency also alleged that the defendant dishonestly converted a Polaris Bank fixed deposit account number 0071277522 worth N15.1 million, belonging to Joshua Atolagbe, to his personal use.

According to EFCC, the alleged offences contravene Sections 36(1), 278(1), 313(1)(a), 361 (1) and 364 (1) of the Criminal Law of Lagos State, 2011.

The defendant pleaded not guilty to all the counts preferred against him.

The prosecution, however, urged the court to remand the defendant.

“My lord, the prosecution intends to call 10 witnesses in this case. We urge the court to remand the defendant in custody in view of his not-guilty plea,” Mr Adewunmi said.

The defence counsel, Osho Oludoshu, informed the court that he had filed a bail application.

Justice Olubunmi Abike-Fadipe, after that, remanded Mr Sanni in prison custody.

She adjourned the case until March 6, 2025, for the commencement of trial.

(NAN)