Microfinance Bank Boss Bags 4 Years Over $166m Fraud

Justice Mojisola Olatoregun of the Federal High Court, in Lagos, yesterday, sentenced the former managing director of the defunct Integrated Microfinance Bank Limited, Simon Ademola Akinteye, to four years’ imprisonment over a $166.9 million fraud.   The court sent the former bank MD behind bars after convicting him of a nine-count charge of compliance, fraud and reckless granting of loans without collateral, brought against him by the Federal Ministry of Justice.