N16.1million Fraud: Ex-Banker Jailed 10 Years for Stealing Depositors Fund

Ekiti (Precise Post) – Justice Abiodun Adesodun of the Ekiti State High Court has convicted a former cashier of Fidelity Bank, Ado branch of Ado Ekiti, Ekiti state, Michael Adedayo Ihinolurinjon, and sentenced him to ten years in prison for stealing money from the bank’s vault and diverting customers’ deposits to the tune of Sixteen Million one hundred thousand naira to personal use.

According to a statement by the acting Spokesperson of the commission, Tony Orilade, Ihinolurinjon was on Thursday, August 15, 2019, found guilty of a two-count charge of stealing in a criminal case filed against him by the Economic and Financial Crimes Commission (EFCC), Ibadan zonal office.

The offence, Orilade stated that is according to the charge sheet, was contrary to Section 390 (g) of the Criminal Code Laws Cap 16, Laws of Ekiti State, 2012.

The statement disclosed that “the bank had written a petition to the EFCC alleging that while still a staffer, Ihinolurinjon stole a sum of N8,891,000.00 (Eight Million, Eight Hundred and Ninety-One Thousand Naira) from its vault, and also failed to remit a total of N7,251,600 (Seven Million, Two Hundred and Fifty-One, Six Hundred Naira) he collected from customers to the bank’s account.

“Our preliminary review showed that Michael fraudulently diverted the sums of N8,891,000.00 and N7,251,600.00 of the branch vault and customers’ cash respectively. The cash deposit of N7,251,600.00 received by Michael from various customers between 1/9/16 and 19/9/16 were neither posted to their respective accounts nor the cash accounted for,” the bank stated in its petition dated October 17, 2016.

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