A Federal High Court sitting in Lagos, Nigeria Tuesday, while adjourning till 20 October for the re-arraignment of the former Managing Director of Mortgages PHB Ltd, Mr. Bayo Adewakun alleged to have recklessly granted loan to B. Walks, a consultants company, without adequate security, ordered that hearing notice should be issued.
When the matter was mentioned, the defendant was not present in court, consequently, Principal State counsel from the Department of Prosecution of the Attorney General’s Office, Barrister Ndidi Gladys Ukoha urged the court to issue hearing notice.
The presiding Judge, Abimbola Awogboro acceded to his request.
The accused former Managing Director Bayo Adewakun was initially arraigned before Justice Saliu Saidu who has retired.
In a four-count amended charge filed before the court by Ukoha, it was alleged that Adewakun granted loan in the sum of N33,632,667.17 without adequate security.
The loan was alleged to have been granted to partly finance the completion of a housing Development at Victoria Garden City for outright sale without adequate security.
The Amended charge as filed before the court:
Count 1
That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen Street,Yaba near Alagomeji Bus Stop, between 29th April, 2004 and 28th June 2019 while being the Managing Director of Mortgages PHB LTD at 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted a credit facility in the Sum of N10 Million to B. Waks Consultants Ltd, Without Adequate Security, contrary to the accepted practice and you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) CAP F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (a) of the same Act.
Count 2
That you Bayo Adewakun M of B. Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, Lagos between 29th April, 2004 and 28th June 2019 while being the Managing Director of Mortgages PHB LTD at 8 Amodu Ojikutu Street off. Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted a credit facility in the Sum of N5 million to B. Waks Consultants Ltd. Without Adequate Security, contrary to the accepted practice and you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) CAP F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (a) of the same Act.
Count 3
That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen Street,Yaba near Alagomeji Bus Stop, Lagos on or about February 2005 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, approved the grant of a credit facility in the sum of N17,632,667.91 to B. Waks Consultants Ltd to partly finance the completion of a Housing Development at Victoria Garden City (VGC) for outright sale without adequate security, contrary to the accepted practice and you thereby committed an offence contrary to Section 20(7) of the Banks and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002 as Amended, and Punishable under Section 18(2) of the same Act.
Count 4
That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, between 29th April, 2004 and 28th June 2019 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted facility to B. Waks Consultants Ltd, which is more than Twenty Percent of the Shareholders Fund Unimpaired by losses without having mandatory approval from the Bank and you thereby committed an offence contrary to Section 20 (2) (a) of the Banks and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002, and Punishable under Section 18(2) of the same Act.