Legal Nigeria

N4.7m scam: Microfinance bank MD gets five-year jail term in Bauchi

N4.7m scam: Microfinance bank MD gets five-year jail term in Bauchi

 by Jesupemi Are 

Bauchi state high court has sentenced Sarita Aliyu, identified as the managing director of Workman Microfinance Bank in Bauchi, to five years imprisonment.

She was convicted on a two-count charge bordering on misappropriation and forgery.

The charge was brought against her by the Economic and Financial Crimes Commission (EFCC).

According to a statement on Wednesday by Wilson Uwujaren, EFCC spokesman, Aliyu was accused of misappropriating the sum of N4,786,700 sometime in 2020.

She was said to have used the password of the bank’s head of credit unit to create fictitious names, generate and approve fraudulent loan requests to herself.

The offence is contrary to section 308 and 363 and punishable under section 309 and 364 of the penal code law.

When confronted with evidence of the crime on Wednesday, she pleaded guilty to the charges brought against her.

M.M. Abubakar, the presiding judge, consequently sentenced Aliyu to five years imprisonment.

The defendant was also ordered by the court to pay the sum of N3,786,700 to the bank through the EFCC.

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