A former Director with the Mainstreet Bank Registrars Limited, Olufemi Charles Olanihun, 47, has been arrested and arraigned before a Lagos Magistrate Court for allegedly withdrawing the sum of N280 million from the account of Mainstreet Bank Registrars Limited without authority and converted same to personal use.

The accused was arrested by the operatives of the Force Criminal Investigation and Intelligence Department, FCIID, Alagbon Close, Ikoyi, Lagos.

The police arraigned the suspect before an Igbosere Magistrate Court on a two-count charge of felony to wit stealing.

Police prosecutor, ASP Henry Obiazi inform the court in charge No H/20A/2017 that the accused committed the alleged offence with others still at large between December 2016 and February 2017 in Gbagada Area of Lagos State.

Obiazi told the court that the accused used his position as a former director with Mainstreet Bank Registrars Limited to withdrew the sum of N280 million from the account of the bank and shared the money with his accomplices still at large.

He said the offences the accused committed were punishable under section 411 and 287 (5) (A) of the Criminal law of Lagos State, 2015.

The accused, however pleaded not guilty in court and magistrate O.G. Oghre admitted him on bail in the sum of N5 million with two sureties in like sum.

Oghre adjourned the case to 29 June, 2017 for mention, while the accused was remanded at Ikoyi prison, Lagos pending when he will fufill his bail condition.