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Man arraigned for diverting N7m bank loan for personal use in Kaduna

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The Kaduna Zonal Command of the Economic and Financial Crimes Commission (EFCC) has arraigned Nur’deen Olaitan Amodu-Ode before a Kaduna State High Court on charges of criminal breach of trust. Amodu-Ode was accused of diverting a credit facility granted to him by First City Monument Bank (FCMB) for the purchase of shares, which was to be repaid within 180 days, for personal use. The defendant pleaded not guilty to the charge.

According to the count, Amodu-Ode and Grand Lynx Autoxpert Company Limited were entrusted with the sum of Seven Million Naira (N7,000,000.00) by First City Monument Bank Plc to finance the purchase of stocks for resale. However, they allegedly dishonestly converted the funds for their personal use, in violation of the agreement, which is an offense contrary to Section 296 of the Kaduna State Penal Code Law 2017 and punishable under Section 297 of the same law.

The defendant was arraigned before Justice Darius Khobo of the Kaduna State High Court. Justice Khobo granted the defendant bail in the sum of N5,000,000.00 and one surety in like sum who must be a resident of Kaduna and must deposit his international passport with the Registrar of the Court. The case has been adjourned to July 4, 2023, for trial.

If found guilty, Amodu-Ode faces severe legal consequences. It is essential to adhere to the terms and conditions of a loan agreement and use the funds for the intended purpose only. The EFCC has been actively cracking down on financial crimes and will not hesitate to prosecute offenders. It is advisable to always conduct financial transactions with integrity and transparency

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