Late MKO Abiola's Wife, Doyin Abiola Arrested For Fraud

Former Managing
Director of the
defunct Concord
Newspapers, Dr.
Doyin Abiola has been
arraigned before the
Federal High Court,
Lagos, for fraud.
A statement signed by Police Public Relations Officer DSP
Ngozi Isintume-Agu said that the Financial Malpractices
Investigation Unit (FMIU) of Special Fraud Unit (SFU) said
that between 2006 and 2008, as a Director of the
Integrated Microfinance Bank, Dr. Abiola granted to
herself without collateral and approval from the
Management, the sum of N26,611,246.48.
Dr. Abiola, of 42/46 Moshood Abiola Crescent, Ikeja, Lagos,
and wife of the late Chief Moshood Abiola, is one of four
Managing Directors or Directors of Integrated
Microfinance Bank (IMFB) located at 6A Adeniyi Jones
Avenue, Ikeja, who were arrested and charged by the SFU.
The others are Akinteye Simon Ademola, Dr. Jerry
Orimovuohoma and Oladapo Bello.
The SFU said the four officials of IMFB unauthorized credit
facilities to the tune of N327,566,000 to themselves and
other related companies without collateral and that the
loans are still outstanding. In the forensic investigation
conducted by FMIU of SFU, the Directors were found
wanting in the discharge of their duties while on the Board
of Integrated Microfinance Bank (IMFB).
· Ademola of Plot 7, block 90, Mobolaji Ogunde Crescent,
Magodo GRA Phase 2, Lagos converted the sum of
N131.176 million to his personal use without approval.
· Orimovuohoma of 129B Oba Ladejobi Street, GRA, Ikeja
granted unauthorized credit facility to the tune of
N29,200,000.00 to himself without collateral.
· Bello of 23/25 Ijora Causeway, Ijora, Lagos recklessly
granted the sum of N3,200,000.00 to himself without
collateral.
“The bank liquidity was greatly affected with the sum the
directors took,” the statement said. The case comes up at
the Federal High Court on December 10.