EFCC Drags Polaris Bank’s Former Manager To Court Over N15M Fraud
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A Lagos State Special Offences Court in Ikeja has remanded Abiodun Sanni, the former manager of the Iju Branch of Polaris Bank Limited, in the custody of the Correctional Center over allegations of fraud totaling N15,011,441.00.
Sanni was arraigned by the Economic and Financial Crimes Commission (EFCC) before the court, presided over by Justice Abike-Fadipe, on 16 counts, including obtaining credit by false pretenses, forgery, use of false documents, and stealing.
According to some of the charges, on or about February 24, 2020, in Lagos, Sanni, while serving as the bank manager of the Iju branch of Polaris Bank Limited, allegedly 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—a fixed deposit account (number withheld) worth N2,540,380.52—belonging to Yinkus Multibiz Ventures, with the alleged consent of its owner, Mrs. Aderibigbe Olayinka Hannah, to use the account as collateral.
Sanni is also accused of dishonestly converting another fixed deposit account at Polaris Bank Limited (number withheld), worth N15,011,441.00, belonging to Atolagbe Joshua Tinuoye.
The defendant pleaded not guilty to all charges.
The prosecutor, Adewunmi, requested that the court remand the defendant in custody pending the trial date. “My Lord, we intend to call ten witnesses regarding this case, and we urge the court to remand the defendant in custody,” said Adewunmi.
In response, the defense counsel, Osho Oludoshu, filed an application for bail.
Justice Abike-Fadipe ruled that the bail application should be submitted to the court before the trial date. She adjourned the case and set March 6 and March 19, 2025, as the new trial dates.
“I remand the defendant at the correctional center. He is entitled to submit a bail application before his trial date,” the judge stated.
