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Micro finance bank petitions EFCC over alleged N59m fraud

A micro finance bank, Lead City Micro Finance Bank, has petitioned the Economic and Financial Crimes Commission (EFCC), Ibadan zone over a N59 million fraud perpetrated by its former managing director and four others.

The suspects, according to the petition are  the then Managing Director, Mrs Afolakemi Soba, ex-Credit Manager, Mr Adejuwin Abiodun, Mr Adelusi Ilesanmi, ex-marketer, Mr Owolabi Olawale, ex-marketer and Mr Ogbeibu Charies, also a former IT staff.

The microfinance bank, in a petition written by its solicitors, Kola Ajayi and Co, signed by Ife Olamiju, dated October 12, 2016, and addressed to the chairman of the commission was delivered through a courier service, Obokun Express Limited.

The 0.5kg petition sent via Obokun Airway bill teller number: 0000074, was received on behalf of the commission by Richard Ade on October 14, 2016.

According to the petition titled: “Petition on N59,000,000 fraud in Lead City Micro Finance Bank Limited”, the suspects were accused of having committed the offence between February 2009 and 2016 in issuance of loans without collateral and approval of the Board of Directors.

“We are solicitors to Lead City Micro Finance Bank Limited hereinafter referred to as “Our client” and we have her authority to relate with you on the above subject matter refers.

“’Our client’ informed us that between the period of February 2009 and 2016, the then Managing Director, Mrs Afolakemi Soba and the ex-Credit Manager, Mr Adejuwin Abiodun, both conspired with the following staff; Mr Adelusi Ilesanmi (Ex-marketer), Mr Owolabi Olawale (Ex-Marketer), Mr Ogbeibu Charies (Ex IT staff) to defraud our client to the sum of N59 million through unauthorised issuance of loans without collateral and approval of the Board of Directors.

“The action of these aforementioned individuals is enough to pull down a whole empire. However, the business of ‘Our Client’ is on the verge of a collapse as a result of the fraud perpetrated on it.

“Flowing from above, we appeal to you, to use your good office to salvage this situation through thorough investigation and possible prosecution. We shall await your decision on this matter,” the letter stated.

The solicitor also attached with the petition the details of the illegal loans granted to individuals without the approval of the board of directors and the details of persons who granted and approved the loans without the approval of the board of directors.