Polaris Bank Limited, under the leadership of Kayode Lawal, is currently facing allegations of a massive N16.5 billion fraud.
The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, has taken over the prosecution of the bank and its staff member, Chinenye Duru, who are accused of diverting the funds from a customer’s accounts.
The Inspector General of Police, who initially filed the case in December 2023, alleges that Polaris Bank and Mr. Duru fraudulently diverted over N16.5 billion from the accounts of Onukogu Victor Hezekiah, the spiritual head of the Living Christ Mission Church in Onitsha, Anambra State. The diversion reportedly took place over nearly eight years, from 2017 to 2023, during which Mr. Duru served as Mr. Hezekiah’s account officer.
A lawyer from the AGF’s office, V.J. Alma, informed the Federal High Court in Abuja that AGF Lateef Fagbemi exercised his powers under Section 174(1)(b) of the Nigerian Constitution to take over the case from the police. Alma mentioned that a letter had been sent to the police requesting the original case file, which is still pending.
Judge Inyang Ekwo has set the trial dates for November 18 and 19, 2024. During a previous hearing, Mr. Duru pleaded not guilty to the charges and was remanded in a correctional facility pending his bail hearing. The judge also instructed Mr. Duru’s lawyer to ensure Polaris Bank engages legal representation for the case.
The charges against Polaris Bank and Mr. Duru include fraudulently withdrawing funds from several of Mr. Hezekiah’s accounts without authorization, amounting to:
– N16.5 billion from account numbers 1040495455 and 1060104735
– N75.534 million from account number 4010023601
– N13.3 million from account number 40910106770
– N16.3 million from account number 411054152
These withdrawals are alleged to have been made with the intent to convert the funds for personal use, violating sections 18(2) and 21(a) of the Money Laundering (Prevention and Prohibition Act, 2022). Some charges carry punishments under section 18(3) of the same Act.
The case, marked FHC/ABJ/CR/603/2023, remains under close scrutiny as it progresses through the legal system.
