Doyin Abiola, Former Concord Newspapers Boss, Arrested On Allegation of Fraud - Simply SAMAD

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Tuesday, November 26, 2013

Doyin Abiola, Former Concord Newspapers Boss, Arrested On Allegation of Fraud

These are not exciting times for the quiet wife and widow of the late Aare Onakakanfo, Basorun MKO Abiola, in the person of Dr. Doyin Abiola.

The former MD of defunct Concord Newspapers, which was owned by her late husband has been arraigned in court on allegations of fraud.

She and about 3 other directors of Integrated Micro-finance Bank IMFB are alleged to have granted themselves unauthorized credit facilities to the tune of N327,566,000 Naira, without collateral and the loans granted presently remain unpaid.

Dr. Doyin Abiola is particularly accused of granting herself loans totalling about N26,611,246.48 between 2006 and 2008 while she she was a director of the bank without approval from the management and even a collateral.

The 4 directors namely Dr. Doyin Abiola, Akinteye Simon Ademola, Dr. Jerry Orimovuohoma and Oladapo Bello were all arrested by the Special Fraud Unit and have already been charged to court.

The breakdown of the unauthorized loans are as follows:

Akinteye Simon Ademola - N131, 176 Million
Dr. Jerry Orimovuohoma - N29,200,000  Million
Oladapo Bello - N3,200,000 Million
Dr. Doyin Abiola - N26,611,246.48Million

The case agaist the four accused persons has been scheduled to be heard at the Federal High Court on December 10, 2013.

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