by Omoleye Omoruyi

Two former directors, Ademola Akinteye (Managing Director) and Gabriel Adepoju, (Director) of the Integrated Microfinance Bank Plc., are facing a 10-count bordering on fraud.

They were however granted bail on Thursday by a Federal High Court in Lagos over alleged $166m fraud.

They have pleaded not guilty to the charges.

The trial judge, Justice Mojisola Olatoregun, granted them bail in the sum of N10m each with two sureties each in like sum. He also ordered that the sureties must depose to an affidavit of means with evidence of three years tax payment.

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The court then fixed June 16 for the substantive trial of the accused, ordering that they be remanded in prison until they meet their bail requirements.

In the charge marked, FHC/L/234c/16, the accused were alleged to have recklessly and without collateral, approved credit facilities to themselves to the tune of over $166m and N33.3m.

According to the prosecutor, A. I. Charles-Okoli, the offences contravened the provisions of Sections 18 (1)(a) and 18(3) of the Banks and other Financial Institution Act Laws of the Federation 2004.

The defence counsel, Mr A. O. Sheriff, had earlier urged the court to dismiss the charges against the two accused.