Two bank chiefs – Simon Akinteye and Gabriel Adepoju have been arraigned before the Federal High Court in Lagos for alleged $166m fraud.
The duo are accused of granting of $166.9m and N33.250 credit facilities to themselves and one Mrs. Temitope Imam without collaterals.
Akinteye was accused of diverting a cumulative sum of N11m into his personal company, Deblad Nigeria Limited.
Adepoju was also accused of diverting a total of N22.25m into a limited liability company, Gad Press Limited.
They however pleaded not guilty.
Justice Mojisola Olatoregun had admitted them to bail in the sum of N10m with two sureties each.
The court ordered that the sureties must be persons whose status were not be less than that of an executive director in a commercial bank, with evidence of three years tax payment to the government.
The judge said the accused were to be remanded pending when they would perfect the bail conditions.
Justice Olatoregun adjourned till June 22, for ruling and commencement of trial.
