Mrs. Abiola and three others are charged with misappropriating over N500million which allegedly affected their bank’s liquidity
A Federal High Court in Lagos, on Tuesday, fixed January 22, 2014, for the arraignment of Managing Director of the defunct Integrated Micro-finance Bank, Akinteye Ademola, and three others which include Doyin Abiola, wife of late MKO Abiola.
They are charged with misappropriating over N500million which allegedly affected the bank’s liquidity.
Mr. Akinteye is charged alongside Doyin Abiola, Jerry Orimovuohoma and Oladapo Bello, who were directors of the bank between 2006 and 2008.
They are standing trial on a five-count charge that borders on misappropriation of the bank’s funds, and granting credit facilities to themselves, without collateral.
Mrs Abiola, who was the former managing director of the defunct Concord Newspapers, was on November 26 arrested by the Financial Malpractices Investigation Unit (FMIU) of Special Fraud Unit (SFU) which alleged that between 2006 and 2008, as a director of the Integrated Microfinance Bank, she granted to herself without collateral and approval from the management, the sum of N26,611,246.48.
