The Special Fraud Unit (SFU) of the Nigeria Police has arrested Prince Adekunle Adeyeba Johnson, a former director of Gulf Bank Plc, which is now in liquidation, for defrauding the bank of over N2.5billion.
A statement signed by the Police Public Relations Officer, DSP Ngozi Isintume-Agu, said that Johnson, “a major shareholder and a director,” was involved in the insider abuses that led to the bank’s liquidation, as reported by the Nigeria Deposit Insurance Corporation (NDIC).
“He is suspected to be the ringleader in the collapse of Gulf Bank Plc.,” the statement said. “The fraud was characterized by manipulation of records, suppression of information, criminal concealments/misrepresentations and forgeries of public documents all leading to colossal loss of funds of the defunct bank.”
It said Johnson took advantage of his position, and using companies in which he had substantial interest in, defrauded the bank of the money.
“He did this by fraudulently structuring the credits obtained by him in such a way that their details were never disclosed to the Board of the bank,” the statement noted.
It added that prior to his arrest, Prince Johnson had avoided two invitations before he was apprehended in Yaba last Sunday.
“While SFU is making efforts to locate and invite other principal suspects, Prince Adekunle Adeyeba Johnson will be arraigned in court, soon.”
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