Former MD of
Cashcow Microfinance Bank Limited, Mrs Titilayo Adesanya, a Director of the
bank Olufemi Tinuoye, and one
Oluwakemi Adebayo were today arraigned before a Yaba chief
magistrate court on two count criminal charge of conspiracy and stealing the sum of
N14,500,000 property of their employer - Cashcow Microfinance Bank Limited.
The
offences alleged to have been committed by the accused persons are contrary to
and punishable under Section 285(7) of the Criminal Laws of Lagos state of
Nigeria 2011.
When
the charges were read to the accused persons, they all pleaded not guilty
consequently Barrister Banji Baruwa who appeared for all the accused persons orally
applied for bail on their behalf on liberal terms.
However,
the Prosecutor, Sergeant Benedict Aigbokhan opposed the grant of bail on
liberal terms on the ground that some of the accused persons are still at large
and that it took the police considerable time and effort before the present
accused could be apprehended therefore urged the court to impose bail condition
that will enable the accused persons to come for trial.
The
presiding Chief Magistrate, P. O. Ojo in his ruling granted bail to each of the
accused persons in the sum of N500,000 with two sureties in like sum. Each
sureties must deposit the sum of N250,000 with the Registrar of the Court and
produce verifiable evidence of residence in Lagos State together with proof of
payment of tax clearance for three years.
The Chief Magistrate, thereafter adjourned the case to 12th October 2015 for the Prosecution to call its witnesses. The accused persons are to be remanded in prison custody until the conditions of their bail are perfected.
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