Ex-Polaris Bank staff arraigned for defrauding customer of N423m

A former Polaris Bank employee, Abiodun Maccarthy, has been arraigned before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, for allegedly defrauding a customer of ₦423 million during his tenure at the bank.

Cablenews24.com reports that the Economic and Financial Crimes Commission (EFCC) brought Maccarthy before the court on Thursday, July 31, 2025, on a four-count charge of stealing and forgery amounting to ₦423 million. According to a statement by EFCC spokesperson Dele Oyewale, the charges are in violation of Sections 278 and 361(1) of the Criminal Law of Lagos State, 2011.

According to the EFCC, Maccarthy converted N423m out of N650 paid by a customer, Great Endurance Bureau De Change for fixed deposit investment with Polaris bank for his own personal use when he was a staff of the bank in 2018.

This Online News Medium understands that to cover up the fraud, EFCC alleged that Maccarthy forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment.

Count one reads: “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N423, 000, 000.00 (Four Hundred and Twenty-Three Million Naira only), money which forms part of N650,000.000 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment with Polaris bank, while you were in their employ”.

Count two reads : “ABIODUN MACCARTHY, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment”.

He pleaded “not guilty” to the charge preferred against him.

In view of his plea, prosecution counsel, B. M. Isah, asked the court for a trial date and also prayed the court to order the remand of the defendant in a Correctional Centre.

Consequently. Justice Dada adjourned the case till October 22, 2025 and also ordered the remand of the defendant in a Correctional Centre.

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