The Economic and Financial Crimes Commission (EFCC) Wednesday arraigned a Former Managing Director of New Prudential Mortgage Bank Limited, Adetunji Abudu at the Federal High Court in Lagos for alleged N150 million fraud.
The prosecution said the accused, in August 2013, obtained N110million as loan without authorisation from the bank, among others.
The alleged offence contravenes Section 18 (8), 18 (1)(b) and 18 (2) punishable under Section 18(2) of the Banks and other Financial Institutions (Laws of the Federation) Act, 2004
Abudu pleaded not guilty.
Justice Ibrahim Buba granted him bail for N100million with one surety in like sum.
He adjourned to April 25 for trial.