Trial of 2 bank ex-directors: Court shifts judgment day

A Federal High Court in Lagos yesterday further adjourned the judgment day in a suit filed against two former directors of Integrated Microfinance Bank Plc (IMFB) till a date to be communicated to the parties. IMFB was granted an operating licence by the CBN on the October 4, 2006 to operate as a unit microfinance […]

A Federal High Court in Lagos yesterday further adjourned the judgment day in a suit filed against two former directors of Integrated Microfinance Bank Plc (IMFB) till a date to be communicated to the parties.

IMFB was granted an operating licence by the CBN on the October 4, 2006 to operate as a unit microfinance bank. It later obtained CBN’s approval to operate as a state microfinance bank.

Though it was one of the leading microfinance banks in Lagos State, it went into liquidation because of insolvency. The collapse of the bank was linked to abuses by its executive management and board.

The two former directors, Akinteye Ademola Simon and Gabriel Adepoju, were charged with various counts of conspiracy in granting unauthorized credit, criminal conversion and fraud involving various sums belonging to the defunct bank.

Trial had commenced in the matter  in October 2017 and judgment was reserved by the court for November 22, 2018. However, due to the judge’s  absence the matter was further adjourned to yesterday for judgment.

But yesterday, the parties were told judgment could not be given and they would be informed on the new date.