3 Micro Finance Bank Chiefs Arrested Over Fraud


Three directors of a micro finance bank in Lagos, Nigeria, have been arrested by the police for allegedly using the bank to defraud their customers.

The directors, Innocent Akpan, 49, David Obieke, 45 and 46-year old Joseph Nwabuwanne were arrested over several complaints by the depositors that they could not access their funds.

P.M.NEWS gathered that the suspects set up the bank known as Impact Micro Finance Bank located at 123, Lawanson Road, Itire, Surulere, Lagos.

They allegedly mismanaged the depositors’ money and could not pay the victims’ money running into millions of naira.

One of the victims, Prince Tunde Oyetunde deposited the sum of one million naira in the bank on fixed deposit terms.

When the payment was due the bank officials issued him  with a dud cheque of Fidelity Bank with number 02753979 dated 31 December, 2009. When he presented it to the bank, it was dishonoured. The bank claimed that there was insufficient fund on the drawer’s account.

The same fate befell depositors, P.M.NEWS gathered.

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The suspects have been charged to Cele Magistrate’s court where they are facing an eight-count charge of fraud, stealing and issuance of dud cheque.

The offence, the police said is contrary to sections 419, 390 and 355 of the Criminal Code laws of Lagos State of Nigeria, 2003.

They pleaded not guilty to the charge and the trial magistrate, Miss A.O. Awogboro granted them bail in the sum of N1 million each with two responsible sureties in like sum.

The court also ordered that the addresses of the sureties must be verified before they could be eligible to bail the suspects.

The matter has been adjourned till 28 June, 2010 for hearing.

—Cyriacus Izuekwe

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