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Ex-New Prudential Bank MD, Abudu bags 2-year jail term over N195m fraud

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A Federal Superior Court that was in Ikoyi, Lagos, on Thursday sentenced former New Prudential Bank, Managing Director Adetunji Abudu and sentenced him to two years in prison for N195 million frauds.

The conviction of Abudu was at the request of the Economic and Financial Crimes Commission, EFCC. EFCC spokesman Tony Orilade said this in a statement in Abuja.

He added: “The convict was prosecuted on Wednesday, February 17, 2016 for a charge of four charges of acting in violation of the Banks and Other Financial Institutions Act (BOFIA) of 2004 for a sum of N195m (One hundred ninety-five million) Naira)

“Abudu, while he was the Managing Director of the bank, obtained an N35m loan and another N110m loan without authorization.

“The former head of New Prudent Bank also approved the cancellation of an N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorized in accordance with the bank’s policy and in contravention of BOFIA 2004.

“In another charge, the defendant did not disclose his interest in Total Access and Integrated Concept Limited, a crime contrary to Section 18 (8) and punishable under Section 18 (11) of BOFIA LFN 2004.

“The defendant pleaded not guilty to the preferred charges against him by the prosecution, which led to his full trial.

“In the course of the trial that began on April 12, 2016, the chief prosecutor, A.B.C. Oziokor, called seven witnesses and handed over several documents that were admitted as evidence by the court, while the defense presented five witnesses.

“Consequently, both parties adopted their written addresses, after the case was closed.” In his ruling, Judge I.N. Buba found the defendant guilty on charges one, two, three and four as defendants.

In addition, the judge said: “The court has considered the fact that the convict is a criminal for the first time, a family man and a breadwinner.

“The court will be lenient, given that the convicted person is the first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions to have problems.

“This is an issue that the convict should not have allowed to go through the rigors of a criminal trial, having had the opportunity to reimburse the money. But he was still stubborn.

Buba, therefore, sentenced the convict to two years on charges one, two, three and four, without a fine option, effective from the day of trial. He also ordered the prayers to be executed at the same time.

But the convicted person was ordered to reinstate the plaintiff, in accordance with Section 321 (a) of the Criminal Justice Administration Act, ACJA, “if the property released cannot cover the amount of exposure to the plaintiff.”