Banker to serve in Jail term for 40 Years

A Nigerian banker Olaitan Balogun has been convicted and jailed for 40 years by a Kaduna high court in kaduna state.
Olaitan with his company Disok International Limited was arraigned before justice M.T Aliyu over a six-count charge of obtaining N12 million by false pretense by the Economic and Financial Crimes Commission (EFCC). A crime punishable according to section 1(1) (a) and punishable under section 1( 3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006. Before his arrest and prosecution by the EFCC, Olaitan who operated a “wonder bank” specializes in collecting money from unsuspecting victims with promises of attractive return on their investments. However, when the wonder banker defaulted in making the payments as promised, the victims petitioned the EFCC leading to his prosecution. Delivering judgment on the case Aliyu convicted the accused persons on counts 1, 2, 3, 4 and 6 but discharged them on count 5. He sentenced Olaitan to eight years imprisonment on each of the counts; the sentences will run concurrently for eight years while his company Disko International Limited, was fined N 50, 000 on each count.

Source: Naij