Microfinance Bank MD Bags Five Years for N4.7m Fraud

Microfinance Bank MD Bags Five Years for N4.7m Fraud

Microfinance bank Managing Director has bagged five years jail term following a N4.7 million scam, the Economic and Financial Crimes Commission (EFCC) said in a statement.

Justice M.M. Abubakar of Bauchi State High Court, Bauchi on Monday, August 11, 2021, convicted and sentenced Sarita Aliyu Hello, Managing Director of Workman Microfinance Bank.

The bank’s MD imprisonment was on a two-count charge bordering on misappropriation and forgery brought against her by the Economic and Financial Crimes Commission, EFCC.

The offence is contrary to Section 308 and 363 and punishable under Section 309 and 364 of the Penal Code Law.

She was said to have some time in 2020 as the Managing Director of the Microfinance Bank, misappropriated the sum of N4,786,700.00 (Four Million, Seven Hundred and Eighty-six Thousand, Seven Hundred Naira).

Using the password of the Head, Credit Unit of the bank, she created fictitious names, generated fraudulent loan requests, approved and paid the same to herself.

Read Also: Ex-Bank PHB Managing Director Jailed for N25.7 Billion Fraud

When confronted with evidence of her crime, she pleaded guilty to the charges brought against her and was sentenced to five years imprisonment.

The defendant was ordered by the court to pay the sum of N3,786,700 (Three Million, Seven Hundred and Eighty-Six Thousand, Seven Hundred Naira) to the bank through the EFCC.

Microfinance Bank MD Bags Five Years for N4.7m Fraud