A 40-year-old banker and employee of Union Bank, Ibadan, was arraigned on Thursday before the Iyaganku Magistrates’ Court in Ibadan for allegedly defrauding two financial institutions of a total sum of N51.5 million.
The defendant, Olatunji Okuniyi, is facing a four-count charge bordering on obtaining money under false pretenses and stealing. He pleaded not guilty to all the charges.
According to the Prosecutor, Inspector Akeem Akinloye, the offenses were committed between December 2024 and March 2025 at Fullrange Microfinance Bank, Adamasingba, Ibadan. The defendant allegedly obtained N16.5 million from the bank, represented by Mr. Olayinka Awoniyi.
Akinloye further told the court that between April and May 2025, Okuniyi fraudulently obtained another N35 million from Pitch Capital Ltd, represented by Mrs. Yetunde Aishat. He claimed the money was needed as proof of transaction to process a Canadian visa for his wife, Oluwafunmilola.
Instead, the prosecutor alleged, the defendant diverted the funds for personal use. The offenses are said to be in violation of Sections 419 and 390(9) of the Criminal Laws of Oyo State, 2000.
Presiding Magistrate Olabisi Ogunkanmi granted the defendant bail in the sum of N7.5 million, with two reliable sureties in like sum. The case was adjourned until October 21, 2025, for hearing.