A combined photo of Abiodun Maccarthy and Polaris Bank logo
By Abdullahi Abubakar
This is the story of how a staff of Polaris Bank, Abiodun Maccarthy, allegedly defrauded a customer, Great Endurance Bureau De Change of ₦423 million out of a ₦650 million deposit made in 2018
On account of this development, Mccarthy was arraigned before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.
After allegedly perpetrating the fraud, Maccarthy was relieved of his job, arrested and brought before the court by the Economic and Financial Crimes Commission (EFCC) on Thursday, July 31, 2025.
He faces a four-count charge bordering on stealing and forgery, offences said to be in violation of Sections 278 and 361(1) of the Criminal Law of Lagos State, 2011.
According to a statement by EFCC spokesperson, Dele Oyewale, the defendant allegedly converted ₦423 million out of a ₦650 million deposit made in 2018 by a client, Great Endurance Bureau De Change of ₦423 million out of a ₦650 million deposit made in 2018.
The funds were reportedly diverted for his personal use while he was still in the bank’s employ.
To conceal the alleged fraud, Maccarthy was said to have forged a fixed deposit investment certificate bearing slip number 332540, which he issued to the client as proof of the transaction.
One of the counts reads: “Abiodun Maccarthy, sometime in 2018 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of ₦423,000,000.00 (Four Hundred and Twenty-Three Million Naira), money which forms part of ₦650,000,000.00 (Six Hundred and Fifty Million Naira) paid to you by Great Endurance Bureau De Change for fixed deposit investment while you were in the bank’s employ.”
Another count adds that he “with intent to defraud, forged a fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment.”
Maccarthy pleaded not guilty to all the charges.
Following his plea, prosecution counsel B. M. Isah requested a trial date and urged the court to remand the defendant in a Correctional Centre. Justice Dada granted the request and adjourned the case until October 22, 2025, while ordering that Maccarthy be remanded in custody.
