A manager with First City Monument Bank (FCMB) has been arraigned before a court over an alleged N99.8 million fraud case involving suspected financial misconduct.
A branch manager with First City Monument Bank (FCMB) Plc, Ajah Branch, Mr. Osasere Bakare has been arraigned before a Federal High Court, Lagos, over alleged conspiracy to steal and unlawful removal of Post No Debit (PND) on the customer’s account/unlawful conversion of N99.8 million.
Bakare was arraigned before the court presided over by Justice Akintayo Aluko alongside one Omowumi Adewoye, in a charge marked FHC/L/178c/2026.
The prosecutor, Barrister S. I. Iredia, of the Zone 2 Command of the Nigerian Police, Onikan, Lagos, told the court that Osasere and Omowunmi on November 15, 2024, conspired with others still at large to steal the sum of N99.8 million.
The prosecutor informed the court that the account had been funded with N99.8 million by GDL under an agreement that the account holder would neither access nor tamper with the funds for 28 days.
The prosecutor alleged that Bakare abused his position by removing the restriction on the account number 2004677096 belonging to one Jacobson Enya, and converting the funds into a fixed deposit account within the same branch without the approval of FCMB management or the consent of GDL, described in the charge as the owner of the funds.
The prosecutor stated that the acts of the defendants are contrary to Sections 514 and 383(1), (2)(a), (b)c) of the Criminal Code and punishable under Section 390(9) of the same law.
The two defendants have denied the allegations and pleaded not guilty to the charges.
Based on their not guilty plea, the prosecutor asked for a trial date, while also prayed the court to remand them pending the determination of the charge.
However, the defendants through their lawyers prayed the court to allow them to continue with the administrative bail earlier granted them by the police.
Ruling on the parties’ request, Justice Aluko while granting their defendants’ request to continue with the police administrative bail, however, admitted the defendants to bail in the sum of N50 million with two sureties among others.
The judge however ordered the defendants to meet the bail terms within 14 days, after which they will be remanded at the Nigerian Correctional Services (NCoS) facility.
The judge thereafter adjourned November 5, for trial.
Charges against the defendants read: “that you Osasere Bakare ‘m’, Omowumi Adewoye ‘f and others now at large, on the 15th day of November, 2024 at the First City Monument Bank, Ajah Branch, Lagos state, in the Lagos Judicial Division, did conspire to commit felony to wit: stealing and thereby committed an offence punishable under section 516 of the Criminal Code Cap ‘C 38’, Laws of the Federation, 2004.
“That you Osasere Bakare ‘m’, Omowumi Adewoye ‘f’ and others now at large, on same date, place and time, in the aforementioned judicial Division, been the manager of First City Monument Bank, Ajah Branch, did unlawfully removed lien, placed on Jacobson Enya’s account No: 2004677096, on his instruction, the account was funded by GDL with the sum of N99,800,000.00 (Ninety-Nine million and Eight Hundred Thousand Naira only), on the agreement that Jacobson Enya will not accessed or tamper with the money for Twenty-Eight days, but you used your position as the head of the branch and removed the lien, placed on the account, and convert the same money, the sum of N99,800,000.00 (Ninety-Nine Million, and Eight Hundred Thousand Naira only), to fixed deposit account in the same branch, without the approval and consent of the management First City Monument Bank, your employer, or the consent of GDL, owner of the money and thereby committed an offence contrary to section 383 (1), (2), (a), (b) and (c) and punishable under section 390 (9) of the Criminal Code Cap “C38” Laws of the Federal Republic of Nigeria.”
