At last, ex-banker, Bayo Adewakun, can now breathe a sigh of relief. Therefore, if you see him walking about like a man without worries, it is because he has just come out of a protracted legal tussle with his hard-earned image still intact!
Recently, he was dragged before a Federal High Court in Lagos on an amended four-count charge for allegedly granting a N33,632,667.17 loan to a company, B. Waks Consultants, without adequate security.
The loan, according to the prosecution led by Ndidi Gladys-Ukoha, was allegedly granted to partly finance the completion of a housing project in Victoria Garden City, Lagos for outright sale, without adequate security.
In one of the charges, Adewakun, in his capacity as a Director with the defunct Mortgages PHB Limited, allegedly granted credit facilities in the sums of N10m, N5m, N17.6m to B. Waks Consultants Ltd to partly finance the completion of the housing project, an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) CAP F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (a) of the same Act.
He was also accused of granting another credit facility, which was more than 20 % of the shareholders’ funds unimpaired by losses without having mandatory approval from the bank to B. Waks Consultants Ltd.
While the trial lasted, some of his loyal friends maintained that “he is a man of integrity, who will never do anything to stain his hard-earned reputation.”
Adewakun and his friends have been proven right, as the matter has been discontinued on the grounds of lack of substance.
The notice of discontinuance, which was served on the court on November 9, 2022, from the office of the Attorney General of the Federation, was signed by the Director of Public Prosecutions of the Federation, M.B Abubakar; Deputy Director, A.A Yusuf and Principal State Counsel, Ndidi G.E. Ukoha.
