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Fraud: EFCC arraigns microfinance bank boss

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The Economic and Financial Crimes Commission, EFCC, Friday, arraigned Mr Fredrick Ogbueifun before Justice P.A. Ajoku of the Federal High Court, Benin, Edo State on a 33-count charge for alleged abuse of office to the tune of N317 million.

The accused as Acting Managing Director of Uda Community Bank, now Uda Microfinance Bank, allegedly raised different over drafts at different times in favour of several account holders above the limit laid down by the law and the bank’s regulation.

He pleaded not guilty to all the counts when they were read to him in court.

One of the counts reads: “that you Fredrick Ogbuifun while being the Acting Managing Director of Uda Community Bank Nigeria Limited (now Uda Microfinance Bank Limited) on or about the 22nd of October 2007 within the jurisdiction of this honourable court did knowingly grant and approved an overdraft in the sum of Three Million, One Hundred and Fifty Thousand, Six Hundred Naira (N3, 150, 000, 600.00) in favour of Assurance Venture Ltd an account holder with account No. 1210200072 which said sum is above your limit as the Acting Managing Director of the bank as laid down by the law and in accordance with the bank’s regulation and thereby committed an offence contrary to Section 15(1)(a)(b) of the Failed Banks (Recovery of Debt) and Financial Malpractices in Banks Act CAP F2 of the Revised Edition (Laws of the Federation of Nigeria 2007 and punishable under Section 16(1)(a) of the same Act”.  

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