Man Arraigned For Diverting N7m Bank Loan In Kaduna

The Kaduna Zonal Command of the Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned one Nur’deen Olaitan Amodu-Ode before a Kaduna State High Court on charges bordering on criminal breach of trust.

The defendant was arraigned before Justice Darius Khobo of the State High Court.

Amodu-Ode allegedly diverted a credit facility granted to him by First City Monument Bank (FCMB) for the purchase of shares, and which was to be repaid within 180 days, for personal use.

The count reads: “That you, Grand Lynx Autoxpert Company Limited and Nur’deen Olaitan Amodu-Ode sometime in August, 2021 in Kaduna, within the jurisdiction of this Honourable Court, whilst being entrusted with the sum of Seven Million Naira (N7,000,000.00) by First City Monument Bank Plc to finance purchase of stocks for resale, dishonestly converted same to your own use in violation of the agreement and you thereby committed an offence contrary to Section 296 of the Kaduna State Penal Code Law 2017 and punishable under Section 297 of the same Law.”

The defendant, however, pleaded not guilty to the charge.

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 Fegistrar of the Court.

The case has been adjourned to July 4, 2023 for trial.