Justice Abike-Fadipe of the Lagos State Special Offences Court in Ikeja has ordered the remand of Abiodun Sanni, a former branch manager of Polaris Bank Limited, at a correctional center over allegations of fraud amounting to ₦15,011,441.
Sanni was arraigned by the Economic and Financial Crimes Commission (EFCC) on 16 charges, including obtaining credit by false pretenses, forgery, using false documents, and theft.
According to the EFCC, Sanni, while serving as the Bank Manager of Polaris Bank’s Iju branch in Lagos, allegedly facilitated a loan of ₦17 million for Bamgbose Tayo Taofia, trading as Banut Haulage, on February 24, 2020.
The prosecution claimed Sanni misrepresented the loan as being backed by collateral—a fixed deposit account worth ₦2,540,380.52 belonging to Yinkus Multibiz Ventures.
The account holder, Mrs. Aderibigbe Olayinka Hannah, reportedly did not consent to its use as collateral.
Sanni is also accused of fraudulently converting another fixed deposit account at Polaris Bank worth ₦15,011,441.00, which belonged to Atolagbe Joshua Tinuoye.
The defendant pleaded not guilty to all charges.
During the hearing, EFCC prosecutor Adewunmi Adisa requested Sanni’s remand pending trial, stating the intention to call ten witnesses to testify in the case.
“My Lord, we urge the court to remand the defendant in custody until the trial begins,” Adisa said.
In response, Sanni’s defense counsel, Osho Oludoshu, filed a bail application.
Justice Abike-Fadipe ruled that the bail application must be submitted before the trial date and adjourned the case to March 6 and March 19, 2025.
“I hereby remand the defendant at the correctional center. He is entitled to file a bail application before the trial date,” the judge stated.
The case underscores continued efforts by the EFCC to address allegations of financial misconduct in the banking sector.