A former worker of Stanbic-IBTC Bank, Ajayi Olusola, has been arraigned before a Federal High Court sitting in Lagos, for allegedly defrauding the bank of the sum of N205m.

The defendant is standing trial over a three-count charge bordering on conspiracy, obtaining by false pretenses and unlawful conversion preferred against him by the Police Special Fraud Unit, Ikoyi, Lagos.

The prosecutor, Mr Sylvester Azubuike, told the court that the defendant allegedly committed the fraud alongside one Ayodele Olaogun and Hakeem Abdulhadi, who were at large.

Azubuike said Olusola, who now operates a company, Abel System Services Limited, allegedly committed the fraud between 2015 and 2021, when he was a staff of the bank.

The former banker and his company were arraigned before Justice Abimbola Awogboro.

The defendant pleaded not guilty to the charges.

Justice Awogboro admitted him to bail in the sum of N50m with two sureties in like sum.

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