Opposition Parties Should Not Waste Their Time — Olubiyo Victor Femi Cleared in N620m Sterling Bank Fraud Case
Former Sterling Bank official Olubiyo Victor Femi has been discharged and acquitted in the N620 million fraud case dating back to 2009. Supporters say opposition parties should stop using the matter for political mileage.
Femi was one of six individuals, including fund transfer officer Peter Imebuozu, arraigned before the Chief Magistrate’s Court in Yaba on April 2, 2009, over the alleged illegal transfer of N620 million from Sterling Bank’s Iyana Ipaja branch into an accomplice’s account.
The prosecution charged the accused under Sections 516 and 509 of the Criminal Code, Cap C17, Vol. II, Laws of Lagos State, 2003. All defendants pleaded not guilty at the time.
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Years later, Femi was discharged and acquitted after the court found no evidence linking him to the fraudulent transaction. Legal sources familiar with the matter say the prosecution could not establish his involvement beyond mere association.
In a statement released on Tuesday, Femi’s associates urged political opponents to “look for something else to say,” arguing that dragging a cleared individual into current political debates undermines the integrity of the judicial process.
“The matter was adjudicated over a decade ago, and Mr. Femi was fully exonerated. It is unfair and misleading to resurrect it for partisan gain,” the statement read.
(DEMOCRACY NEWSLINE NEWSPAPER, MAY 6TH 2026)
