Bayo Adewakun and court logo
By Our Reporter
The Managing Director of Mortgages PHB Ltd, Bayo Adewakun is currently running from pillar to post to save his name from a scandalous alleged criminal charge of reckless granting of loan without adequate security as a case of four count amended charge number FhC/422C/2019 filed before a Federal High Court sitting in Lagos has been filed agaist him by senior state counsel from Department of Public Prosecution of the Federation, Midi Gladys Ezinwa-Ukoha.
He was alleged to have granted N32,632,667.91 to a company B. Waks Consultant which is more than 20% of the shareholders fund unimpaired by losses without approval from the bank.
The charges against him are:
COUNT 1
That you Bayo Adewakun ‘M’ of B. Waks Consultant 72 Queen’ Street) Yaba near Alagomèji Bus Stop, between 29thApril, 2004 and 28 June 2019 while being the Managing Director of Mortgages PHB LTD at 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted credit facility in the Sum of N10,000,000 to B.Waks Consultants Ltd, Without Adequate Security, contrary to the accepted practice and you thereby committed 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 bf the Federation of Nigeria 2004 and Punishable under Section 16(1 (a) of the same Act
COUNT 2
That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, Lagos between 2 April, 2004 and 28 June 2019 while being the Managing Director of Mortgage P.HB. LTD at 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria island, Lagos within the Jurisdiction of this Honourable Court, recklessly granted a credit facility in the Sum of N5, 000,000.00 to B.Waks Consultants Ltd without adequate Security, contrary to the accepted practice; you thereby committed an offence contrary to Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts and Financial Malpractices in Bank Act) F2, Laws of the Federation of Nigeria 2004 and Punishable under Section 16(1) (a) of the same Act.
COUNT 3
That you Bayo Adewakun ‘M’ of B.Waks Consultant 72 Queens Street, Yaba, near Alagomeji Bus Stop, Lagos on or about February 2005 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street,Victoria Island, Lagos within the Jurisdiction of this Honourable Court, approved the grant of a credit facility in the sum of N17,632,667.91to B. Waks Consultants Ltd to partly finance the completion of a Housing Development at Victoria Garden City (VGC) for outright sale without adequate security, contrary to the accepted practice and you thereby committed an offence contrary to Section 20(7) Of the Failed Banks and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002 as Amended, and punishable under the same Act.
COUNT 4
That you Bayo Adewakun M of B,Waks Consultant 72 Queen Street, Yaba near Alagomeji Bus Stop, between 29 April, 2004 and 28 June 2019 while being the Managing Director of Mortgages PHB LTD 8 Amodu Ojukutu Street Off Saka Tinubu Street, Victoria Island, Lagos within the, Jurisdiction of this Honourable Court, recklessly granted facility to B. Waks Consultants Ltd, which is more than Twenty Percent of the Shareholders Fund Unimpaired by losses without having approval from the Bank and you thereby committed an offence contrary to Section 20 (2) (a) of the Banks
and Other Financial Institution Act (BOFIA) CAP F2 Laws of the Federation of Nigeria 2002, and Punishable under Section 18(2) of the same Act.
