Court Remands Former Polaris Bank Manager Over Alleged N122 Million Fraud

Justice Abike-Fadipe of the Ikeja Special Offences Court has remanded Abiodun Sanni, the former bank manager of the Iju Branch of Polaris Bank Limited, in the custody of the Correctional Centre over allegations of fraud totalling N122,011,441.00.

Sanni was arraigned by the Economic and Financial Crimes Commission (EFCC) on 16 counts, including charges of obtaining credit by pretences, forgery, using false documents, and stealing.

According to the charges, Sanni is alleged to have, on or about February 24, 2020, while serving as the bank manager of the Iju branch of Polaris Bank Limited, obtained a loan of N17,000,000.00 for Bamgbose Tayo Taofia, trading under the name "Banut Haulage.” 

He is accused of falsely claiming that the loan was backed by collateral in the form of a fixed deposit account (number 0071572791) worth N111,540,380.52, belonging to Yinkus Multibiz Ventures. 

It is also alleged that Sanni falsely represented that the owner, Mrs Aderibigbe Olayinka Hannah, had consented to use the account as collateral.

Further allegations suggest that Sanni dishonestly converted another fixed deposit account, number 0071277522, valued at N15,011,441.00, which belonged to Atolagbe Joshua Tinuoye.

The defendant pleaded not guilty to all charges.

The prosecutor, Adewunmi, urged the court to remand Sanni in custody pending the trial date. 

“My Lord, the prosecution intends to call 10 witnesses in this case, and we request that the defendant be remanded until the trial,” the prosecutor stated.

In response, defence counsel Osho Oludoshu filed a bail application on behalf of the defendant.

Justice Abike-Fadipe adjourned the case, ruling that the bail application should be submitted before the trial date. 

She set new hearing dates for March 6 and March 19, 2025, and ordered that the defendant remain in custody at the correctional centre. 

She also stated that Sanni is entitled to submit a bail application before the trial begins.

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