By Adenike Ayodele

Fidelity Bank plc on Friday began moves to drop a suit against a businessman,  Edward Akinlade, charged with N1.7 billion loan fraud in an Ikeja Special Offences Court.

The defence counsel, Mr Pedro Lawal notified the court of a letter dated June 1, titled “Terms of Settlement”, initiated by the complainant to settle with the defendant.

Pedro prayed the court for a short adjournment to enable him bring proper application to strike out the case.

“The complainant and the defendant have settled their dispute my lord. It is a business gone sour which has been resolved.

“There is a letter to that effect where the complainant has written to the Economic and Financial Crimes Commission (EFCC) and for the court to affirm the settlement.

“On this note, we shall be asking for a short adjourned date for us to file proper application to discontinue the trial,” Lawal said.

The EFCC counsel, Mr Tunji Banjo, however, informed the court that he was not privy of the information and also urged the court for a short adjourned date to enable them perfect internal arrangement concerning the letter of settlement.

EFCC arraigned the defendant  alongside his company, Suru Homes Ltd, on a 10-count charge bordering on stealing and issuance of dud cheques, which he pleaded not guilty to.

EFCC alleged that the defendant, with intent to defraud, converted the property at No.11A Adeyemi Lawson St., Ikoyi, Lagos by selling same without the knowledge of Fidelity Bank and diverted the proceeds.

He alleged that the property was a subject of a legal mortgage used as part of collateral to secure the loan of N1.7 billion from Fidelity Bank.

Justice Oluwatoyin Taiwo adjourned the case until July 5, for report of settlement (NAN)