By Onyewuchi Ojinnaka
The Ex-Managing Director of defunct Integrated Microfinance Bank Ltd, Simon Akinteye was on Thursday sentenced to four years imprisonment on each of the nine counts charge preferred against him over $166.9 million fraud.
Justice Mojisola Olatoregun of a Federal High Court sitting in Lagos Nigeria sentenced the convict after finding guilty him on all the nine counts charge bordering on reckless granting of loans without collateral.
The convict was charged by the Ministry of Justice.
The sentence will however run concurrently and therefore he will spend four years in prison, but the court however, gave him an option of fine of N2million on each of the counts, adding that same shall be computed cumulatively.
The judge had convicted Akinteye on February 4, after finding him guilty of all nine counts charge but reserved the sentence until Thursday February 21(today). Akinteye had pleaded not guilty to all the counts when he was arraigned.
Meanwhile, the court had on same February 4, discharged and acquitted his co defendant, Gabriel Adepoju.
When the case was called on Thursday, the court called for addresses from counsel before reading the sentence.
While addressing the court, the prosecutor, Mrs O. Ndidi, urged the court to impose the maximum sentence as prescribed by law, adding that a person so convicted of such offence, is liable to an imprisonment term of five years.
She argued that in addition, the court is empowered to order a refund of the money.
“I submit that the convict be sentenced based on the appropriate law, and that the money be returned to the NDIC,” she submitted.
On his part, defence counsel Mr A. O Sherif, in urging the court for a mitigation before sentence, referred the court to the provisions of the Administration of Criminal Justice Act.
He urged the court not to impose the maximum sentence on the defendant, adding that he is a first offender with no past criminal records.
He therefore urged the court to temper Justice with mercy and impose a light sentence on the convict, adding that same should be allowed to run concurrently.Delivering judgment, Olatoregun held that the court had been told that the convict is a first offender with no past criminal records.
She however, held that the convict betrayed the trust of clients of the bank, who had deposited their monies there.
Taking into consideration that the convict is a first offender, the court sentenced the convict as follows.:
On count one, four years imprisonment or an option of N2 million fine.
On count two, four years imprisonment or an option of N2 million fine.
On count three, four years imprisonment or an option of N2 million fine.
On count four, four years imprisonment or an option of N2 million fine.
On count five, four years imprisonment or an option of N2 million fine.
On count six, four years imprisonment or an option of N2 million fine.
On count seven, four years imprisonment or an option of N2 million fine.
On count eight, four years imprisonment or an option of N2 million fine.
On count nine, four years imprisonment or an option of N2 million fine.
The judge held that while the sentence is to run concurrently, the fine imposed would be cumulative, adding that the sentence should serve as a deterrent to others.
In the charge marked FHC/L/234c/16, the prosecution alleged that the convict recklessly and without collateral, approved credit facilities running into 166 million dollars and N33.3 million to themselves.
The convict was said to have at different times, withdrawn from the bank’s account the total sum of N11 million and diverted it to his personal company named ‘Deblad Nigeria Ltd.
‘He was also said to have unlawfully withdrawn the total sum of 166 million dollars and paid same into account of one Temitope domiciled with Citi Bank in the United State of America;.
The offences according to the prosecution contravene the provisions of Sections 15 (1)(a) 18 and 18(3)a)(I) of the Banks and other Financial Institution Act Laws of the Federation of Nigeria, 2004.
