Microfinance Bank Staff Arrested For Stealing Customers N7m Deposits

Ajofoyinbo Emmanuel, a 29-year-old employee of a microfinance bank, was detained and accused in Lagos State for allegedly stealing N7 million from clients while making fraudulent statements.

The incident took place at the Fortress Microfinance Bank, where the suspect, Emmanuel, worked as a staff member, on Ikorodu Road in the Ilupeju neighborhood of Lagos.

The police said that between August 2022 and May 2023, Emmanuel went to numerous bank clients and acquired money under the false pretense that he would transfer it to their various bank accounts.

He did not, however, put the money in a bank and instead converted it for his own use.

When the clients attempted to withdraw money from the bank, the management notified them that they had been the victims of an alleged scam.

The customers brought evidences of payment to their staff, Emmanuel, which he admitted to have collected and had spent to solve his personal problems.

The matter was reported to the Police at Ilupeju Division and Emmanuel was arrested. After thorough interrogation and having been found culpable, he was subsequently charged before the Ogba Magistrate Court for the alleged offence.

He pleaded not guilty when he was arraigned.

The prosecutor, Supol Benson Emerhi, then asked the Court to give a date for hearing since he pleaded not guilty to enable the Police to prove that he actually committed the alleged offence.

The Presiding Magistrate, Mr. L.A. Owolabi, granted him bail in the sum of N1m with two sureties in like sum, who must show evidence of means of livelihood and tax payment.

The matter was adjourned for mention while the defendant was remanded in custody at the Correctional Centre at Kirikiri town, Lagos, pending when he will perfect his bail conditions.