Banker Docked Over Alleged N38.9m Fraud 

Kingsley Ishiguzo, a former Head of Operations of Fairmoney Microfinance Bank, has been arraigned for an alleged fraud of N38,905,022.

The defendant, Ishiguzo was allegedly to have demanded for a refund initiation token from the customer support team lead of the bank and thereafter initiated fictitious refunds, using codes of existing refund requests which had already been settled.

He was arraigned on three counts of conspiracy and fraud before Magistrate O.A. Olayinka of the Ogba Magistrate’s Court Lagos State.

The defendant and others now at large allegedly committed the offences between January and March this year.

The charges against the defendant read in part, “That you, Kingsley Ishiguzo, and two others now at large, between January 10, 2022, and March 16, 2022, on Adeniyi Jones, Ikeja, Lagos, in the Ikeja Magisterial District, did steal the sum of N38,905,022, only, property of Fairmoney Micro Finance Bank Limited, your employer.”

The police prosecutor, Emmanuel Eze, said the offences were punishable under sections 411, 287(7) and 314(1) of the Criminal Law of Lagos State, 2015.

The defendant pleaded not guilty to the charges.

The magistrate admitted him to bail in the sum of N5m with one surety in like sum among others.

The Magistrate while adjourning the matter till November 14, 2022, for triai, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS)

Counsel for the bank, Festus Ogun, said he was confident justice would be done.

Source-: Punch