A former managing director of Cashcow Microfinance Bank Limited, Mrs. Titilayo Adesanya, alongside a director of the bank, Olufemi Tinuoye, and one Oluwakemi Adebayo, have been arraigned before a Lagos Chief Magistrate’s Court, sitting at Yaba, on two count charges of conspiracy and stealing.
The trio were alleged to have conspired among themselves to steal the sum of N14,500,000 property of the bank.
The offences according to the prosecutor, Sergeant Benedict Aigbokhan, are contrary to and punishable under Sections 409 and 285(7) of the Criminal Laws of Lagos state of Nigeria 2011.
However, the accused persons pleaded not guilty to the charges when it was read to them.
Upon the plea of the accused, their lawyer, Mr. Banji Baruwa, orally applied for their bail on liberal terms.
But the prosecutor, Sergeant Aigbokhan opposed the accuses persons’ bail application on liberal terms, on the ground that some of the accused persons are still at large, and that it took the police considerable time and effort before the arraigned accused could be apprehended. He therefore urged the court to impose bail condition that will enable the accused persons to come for trial.
Consequently, the presiding magistrate, Mr. P. O. Ojo in his ruling on bail application, admitted bail to each of the accused persons in the sum of N500,000 with two sureties in like sum.
Each sureties according to the Chief Magistrate must deposit the sum of N250,000 with the Registrar of the Court and produce verifiable evidence of residence in Lagos State together with proof of payment of tax clearance for three years.
The Chief Magistrate however, ordered that the accused persons be remanded in prison custody until the conditions of their bail are perfected.
The Chief Magistrate, thereafter adjourned the case to October 12, for the Prosecution to call its witnesses.


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