A Federal High Court in Lagos, on Monday, convicted a Managing Director of the defunct Integrated Microfinance Bank Ltd., Simon Akinteye, for fraud totalling $166.9 million.

Justice Mojisola Olatoregun found Akinteye guilty of all the nine counts of the charge bordering on reckless granting of loans.

The charge was preferred by the Federal Government.

The court, however, discharged Akinteye’s co-defendant, Gabriel Adepoju, who was charged on one count of unlawful diversion of N22.3 million to a printing company.

Olatoregun adjourned sentencing of Akinteye until Feb. 21.

In the charge marked FHC/L/234c/16, the prosecution said that the convict recklessly and without collateral approved credit facilities amounting to $166 million and N33.3 million to themselves and one Temitope Imam.

Akinteye was said to have, at different times, withdrawn N11 million from the bank’s account and diverted it to his personal company named ‘Deblad Nigeria Ltd. ‘

He was also said to have unlawfully withdrawn $166 million and paid same into the account of Temitope Imam domiciled with Citi Bank N. A. of Utica/Clarkson, 702, Utica Avenue, Brooklyn, New York, U.S.

The second defendant, Adepoju, was alleged to have withdrawn and diverted N22.3 million to a limited liability company, Gad Press Ltd.

The offences, according to the prosecution, contravene the Sections 15 (1)(a), 18() and 18(3)a)(I) of the Banks and Other Financial Institution Act, 2004.

The duo had pleaded not guilty on arraignment.