Peter Imebuozu, 35, a fund transfer officer with Sterling Bank has been arrested and dragged before the Chief Magistrate’s Court, Yaba, on a two-count charge of fraud.

Peter Imebuozu, Obanla Taiwo, Olaniyi Olasunkanmi, Olubiyo Victor Femi, Ikiroma Christian and others still at large were alleged to have committed the offence on 20 December, 2008 at the Iyana Ipaja branch of the bank.

Imebuozu, who works with the Onitsha branch of the bank, was accused of transferring N620 million into the account of one of his accomplices in Lagos.

Their action was said to have contravened the law and are punishable under Sections 516 and 509 of the Criminal Code, Cap C17, Vol. II, Laws of Lagos State of Nigeria, 2003. They pleaded not guilty when the charges were read to them.

The magistrate, Mrs. C.T. Adesola-Ikpatt granted them bail in the sum of N500,000 each with two sureties in like sum.

Each of the sureties must be a property owner and must show evidence of paying tax to the Lagos State government.

The case has been adjourned till 4 May, 2009 for further hearing. As the accused were unable to meet their bail conditions, they were taken to Ikoyi prison.


http://thepmnews.com/2009/04/02/banker-4-others-on-trial-for-n620m-fraud