N51.5m fraud: Court arraigns Union Bank Staff in Ibadan
Olatunji Okuniyi, a 40-year-old banker with Union Bank in Ibadan, was on Thursday arraigned before the Iyaganku Magistrates’ Court for allegedly defrauding two financial institutions of N51.5 million.
He is facing a four-count charge of obtaining money under false pretences and stealing, to which he pleaded not guilty.
According to the Prosecutor, Inspector Akeem Akinloye, the alleged offences occurred between December 2024 and March 2025 at Fullrange Microfinance Bank, Adamasingba, Ibadan, where the defendant was said to have fraudulently obtained N16.5 million from the bank, represented by one Mr Olayinka Awoniyi.
Akinloye further informed the court that between April and May 2025, Okuniyi allegedly defrauded another company, Pitch Capital Ltd, of N35 million.
The firm, represented by Mrs Yetunde Aishat, was reportedly deceived into believing the funds were required as proof of transaction for the processing of a Canadian visa for the defendant’s wife, Oluwafunmilola.
Instead, the prosecutor alleged, the defendant diverted the money for personal use.
The offences, he noted, contravene Sections 419 and 390(9) of the Criminal Code Laws of Oyo State, 2000.
Presiding Magistrate, Mrs Olabisi Ogunkanmi, granted Okuniyi bail in the sum of N7.5 million, with two sureties in like sum, deemed to be reliable.
The case was adjourned until October 21, 2025, for hearing.
