EFCC Press Release: Two Bankers Bag 2 Year Jail Term for Fraud

Funsho Olayele & Ayoade Peter Abiola

Funsho Olayele & Ayoade Peter Abiola

By Wilson Uwujaren
Justice Dije Abdu Aboki, on the 21st of February 2013, convicted and sentenced Funsho Olayele and Ayoade Peter Abiola to two years imprisonment with option of N410, 000 (Four Hundred and Ten Thousand Naira) fine each. The first accused was ordered to pay a compensation of N700, 000, while the second accused had already restituted the victim during the course of the investigation.

The convicts, both former staff of Intercontinental Bank Plc (now Access Bank Plc) were arraigned by the Economic and Financial Crimes Commission on a six count charge of conspiracy and misappropriation of funds.

Part of the charge read, ”that you Olaleye Funsho, Ayoade Peter Abiola and others at large on various dates between 11th November, 2009 and 29th January, 2010 at Kano within the jurisdiction of the High Court of Kano State while being officers of Intercontinental Bank Plc (now, Access Bank Plc) misappropriated the total sum of N2,700,000.00 (Two Million and Seven Hundred Thousand Naira only) by taking out of the possession of the Bank through the account of the Bank’s customer, Akkad Trading Company Limited and you thereby committed an offence contrary to section 308 and punishable under section 309 of the same Penal Code”.

Wilson Uwujaren
Ag. Head, Media & Publicity
22nd February, 2013

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