Microfinance Bank MD Bags Five Years Jail Term Over N4.7m Scam

Microfinance Bank MD Bags Five Years Jail Term Over N4.7m Scam

Sarita Aliyu Hello, Managing Director of Workman Microfinance Bank in Bauchi was convicted and sentenced by Justice M.M. Abubakar of Bauchi State High Court, Bauchi on Monday, August 11, 2021, to four years imprisonment 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.

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.