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Police accuse bank MD, others, of fraud

Former managing director of Cash Cow Microfinance Bank Limited, Mrs Titilayo Adesanya, a director of the bank Olufemi Tinuoye, and Oluwakemi Adebayo were today arraigned before a Yaba Chief Magistrate Court on two count criminal charge of conspiracy and stealing the sum of N14.5million property of their employer – Cash Cow Microfinance Bank Limited.

When the charge was read to the accused persons, they all pleaded not guilty.

Their lawyer, Banji Baruwa orally applied for bail on liberal terms on their behalf.

However, the Prosecutor,Sergeant Benedict Aigbokhan opposed the 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 accused could be apprehended.

He therefore urged the court to impose stiff bail conditions that will force the accused persons 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 surety 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.

In the meantime, the accused persons will be remanded in prison until the conditions of their bail were perfected.

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