Police Arrest Ex-bank Director over ₦7billion Bank Fraud

One of the executive members of the now liquidated Gulf Bank Plc; Prince Adekunle Adeyeba Johnson has been arrested by police detectives attached to the Special Fraud Unit, Lagos over his alleged involvement in ₦7billion fraud.

According to the Nigeria Deposit Insurance Corporation, NDIC report, Prince Adekunle is suspected to be the ringleader in the collapse of Gulf Bank Plc. He is suspected to be involved in the insiders’ abuses that led to the bank’s liquidation.

In a statement signed by SFU spokesperson, DSP Ngozi Isintume-Agu, the fraud was characterised by manipulation of records, suppression of information, criminal concealment, misrepresentations and forgeries of public documents, leading to colossal loss of funds of the defunct bank.

The complainant, Nigeria Deposit Insurance Corporation, NDIC alleged that Prince Adekunle Adeyeba Johnson as a major shareholder and a director in the defunct bank used his position to defraud the bank of over ₦2.5billion. It was gathered that he did this by fraudulently structuring the credits obtained by him in such a way that their details were never disclosed to the board of the bank.

Ngozi in the statement said: “In view of the above, The Nigeria Police, Special Fraud Unit (SFU) invited the suspect for interview which he avoided twice before he was apprehended at Yaba area on Sunday, December 8, 2013. “While SFU is making efforts to locate and invite other principal suspects, Prince Adekunle Adeyeba Johnson will be arraigned in court, soon.”