Photo: A Renowned Nigerian Banker Arrested in Lagos for Multibillion Naira Fraud

The Special Fraud Unit of the Nigeria Police Force has arrested a former director of Gulf Bank Plc, Prince Adekunle Adeyeba Johnson, for defrauding the bank of over N2.5billion.

DSP Ngozi Isintume-Agu, the Police Public Relations Officer (PRO), said in a statement that the suspect, “a major shareholder and a director,” was involved in the insider abuses that led to the bank’s liquidation, as reported by the Nigeria Deposit Insurance Corporation.

“He is suspected to be the ringleader in the collapse of Gulf Bank Plc.

“The fraud was characterized by manipulation of records, suppression of information, criminal concealments/misrepresentations and forgeries of public documents all leading to colossal loss of funds of the defunct bank,” the PRO said in a statement.

Reportedly, Johnson took advantage of his position, and using companies in which he had substantial interest in, defrauded the bank of the money.

“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,” the statement noted.

It added that prior to his arrest Prince Johnson had avoided two invitations before he was apprehended in Yaba on December 8, 2013, Sunday.

“While SFU is making efforts to locate and invite other principal suspects, Prince Adekunle Adeyeba Johnson will be arraigned in court, soon.”

It would be mentioned that Gulf Bank Plc is now in the process of liquidation. 

Sahara Reporters