A 36-year-old former staff of an old generation Bank,(United Bank For Africa) Oluwaseye Adu, was on Thursday freed by an Ikeja Special Offences Court

His release follows the withdrawal of the bank from the matter, after both parties had settle  the rift between them with the defendant paying back the sum $200,000 dollars he stole in full to the bank

The Stolen money belongs to the Insurance Brokers of Nigeria (IBN), according to the Economic and Financial Crimes Commission (EFCC) who had arraigned the defendant on a one count charge of stealing.

The banker had pleaded not guilty to the charge when he was first arraigned in March 2020 . According to EFCC counsel, Mr U.U. Buhari, Adu committed the offence sometime in 2014 in Lagos State.

“The defendant dishonestly converted to his own use, the sum of $200,000 belonging to Insurance Brokers of Nigeria (IBN),” he said.

The EFCC lawyer had also alleged that the defendant had used his position as the bank’s relationship officer to the complainant, IBN, to steal the money from its  account.

He said that  the offence contravened Section 287 of the Criminal Law of Lagos, 2015.

Following the advise of his lawyers, the defendant not only sort to change his not guilty plea and also went into settlement with the bank which led to him paying back the stolen money.

In her ruling, Justice Oluwatoyin Taiwo, said “having conform to the terms of settlement and have the sum of $200,000 in full, I hereby discharge and acquit the accuse person.”