Loan officer docked for alleged N20m bank fraud

A 40-year-old employee of a Microfinance bank, Victor Owunwanne, was on Wednesday docked before an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding his employer of about N20million.

The police charged Owunwanne, who resides at No 5, Tijani Street, Lagos with obtaining money under false pretence, stealing and forgery.

The defendant pleaded not guilty to the charge.

The Prosecution Counsel, Insp. Sunday Bassey, told the court that the defendant committed the offence in last October 2022 at Infinity Microfinance Bank, Ikorodu Road, Kosofe, Mile 2, Lagos.

Bassey alleged that the defendant who was a loan officer in the bank at that time, fraudulently collected money from a customer accumulating to N130,000 without the knowledge of the bank.

“The money was paid to the defendant’s account and he went further to verify the customer’s house and company for a prospective loan.

“The defendant came back and presented false information and document to mislead the management of the bank to give out a loan of N20 million to a customer called Chukwuka, owner of Rhinobay Energy, now at large.

“After collecting the loan and upon due payment date for the refund of the loan, the customer declined.

“The defendant was therefore called upon to show the bank manager the location of the customer who refused to pay the loan but he couldn’t”, the prosecutor told the court.

Bassey also said that the police subsequently arrested the defendant as they couldn’t trace the where about of the said customer.

The prosecutor said the offences contravened the provisions of sections 287, 315(1)(b) and 411 of the Criminal Law of Lagos State, 2015.

Magistrate O.A Daodu admitted the defendant to bail in the sum of N150, 000 with two sureties in like sum.

Daodu ordered that the sureties should be gainfully employed with one of them being a blood relative.

She further ruled that the sureties should show evidence of two years tax payments to the Lagos State Government as part of the bail conditions..

She adjourned the case until March 14 for mention.