Microfinance Bank MD Receives Five-year Sentence For N4.7m Fraud

Microfinance Bank MD Receives Five-year Sentence For N4.7m Fraud

MD of a Microfinance Bank in Bauchi Sentenced to Five Years in Prison for N4.7m Fraud.

Managing Director of Workman Microfinance Bank, Bauchi, Sarita Aliyu Bello, has been sentenced to five years imprisonment by Justice M.M. Abubakar of Bauchi State High Court on a two-count charge bordering on misappropriation and forgery brought against her by the Economic and Financial Crimes Commission, EFCC.

According to the EFCC, Sarita misappropriated N4,786,700.00 while serving as the Managing Director of the Microfinance Bank in 2020. (Four Million, Seven Hundred and Eighty-six Thousand, Seven Hundred Naira). She created bogus names, produced fraudulent loan requests, approved and paid them to herself using the password of the bank’s Head, Credit Unit.

She pleaded guilty to the allegations against her and was sentenced to five years in jail after being faced with evidence of her conduct.

The court ordered Sarita to pay N3,786,700 (three million, seven hundred and eighty-six thousand, seven hundred naira) to the bank via the EFCC.

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