A Lagos State High Court sitting in Ikeja has sentenced a resident, Adebisi Ayodeji, to 18 months’ imprisonment for defrauding Sterling Bank Plc of N30 million.
Ayodeji was convicted following his prosecution by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, Ikoyi, on a one-count charge bordering on the fraudulent conversion of N30,000,000.
He was initially arraigned before Justice Oluwatoyin Taiwo but was later re-arraigned before Justice Fadipe, after which the trial commenced afresh (de novo) on March 3, 2023.
The charge stated that Ayodeji, on or about September 15, 2021, in Lagos, within the jurisdiction of the court, fraudulently converted N30 million, property of Sterling Bank Plc, to his personal use.
Upon arraignment, the defendant pleaded not guilty, prompting a full trial. During proceedings, prosecution counsel S.I. Suleiman called three witnesses and tendered several documentary exhibits, all of which were admitted in evidence.
Justice Fadipe subsequently found Ayodeji guilty on the sole count and sentenced him to 18 months in prison.
In addition to the custodial sentence, the court ordered him to pay restitution of N23,677,107.05, representing the outstanding balance of the misappropriated funds, to the petitioner.