Wednesday, April 21, 2021

Nigeria: Former MD of New Prudential Mortgage Bank Ltd, Adetunji Abudu Jailed for Fraud


A Lagos State High court has sent a former Managing Director of New Prudential Mortgage Bank Limited, Adetunji Abudu, to two years imprisonment for N195m fraud.

A statement signed by Nigeria’s anti- graft agency, EFCC, on Thursday, said Mr Abudu was arraigned on a four-count charge before Justice I.N. Buba.

The EFCC said the trial began on April 12, 2016.

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It said his offense is contrary to the Banks and Other Financial Institutions Act (BOFIA) 2004, Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004.

According to the commission, Mr Abudu obtained a N35 million loan and another N110 million loan without authorisation while being the Managing Director of the bank.

It added that the former New Prudent Bank boss also approved the setting off of a N50 million loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.

The defendant pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

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In the course of the trial, the lead prosecution counsel, A.B.C. Oziokor called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defence presented five witnesses.

Both parties consequently adopted their written addresses, after the closure of the case.


Delivering his judgment on Justice Buba found the defendant guilty on counts one, two, three and four, as charged.

The judge further held that “The court has considered the fact that the convict is a first-time offender, a family man, and a breadwinner.

“The court will be lenient, given that the convict is a first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.

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“This is a matter the convict should not have allowed going through the rigors of a criminal trial, having been given the opportunity to refund the money. But he still remained obstinate.”

The judge, therefore, sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of the judgment.

The sentences are to run concurrently.

The convict was ordered to make restitution to the complainant, in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA, “if the properties released cannot meet up the amount of exposure to the complainant.”


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