A 34-year-old man, identified as Emeka Nwankwo, has been arraigned before a Lagos State High Court for allegedly defrauding a microfinance bank of N2.1 million. Naija247news gathered that Nwankwo was charged with three counts of fraud, forgery, and obtaining money under false pretenses, following a complaint lodged by the bank.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, the suspect allegedly presented fake documents, including a forged identity card and pay slips, to secure a loan from the bank. After receiving the funds, he reportedly disappeared, prompting the bank to launch an investigation that led to his arrest in Ogun State.
Naija247news understands that Nwankwo pleaded not guilty to the charges during his arraignment on Wednesday. The prosecution, led by the Economic and Financial Crimes Commission (EFCC), presented evidence, including the forged documents and bank transaction records, to support its case.
According to Naija247news, the EFCC prosecutor, Rotimi Oyedepo, told the court that the suspect’s actions violated Sections 1(1) and 1(3) of the Advance Fee Fraud and Other Fraud-Related Offenses Act. He urged the court to deny bail, citing the risk of the defendant fleeing and tampering with evidence.
Naija247news reports that the defense counsel, however, argued for bail, stating that Nwankwo is a first-time offender with no prior criminal record. The judge, Justice Adewale Onigbanjo, granted the defendant bail in the sum of N1 million with two sureties in like sum, while adjourning the case to October 15 for further hearing.
According to Naija247news, the case has raised concerns about the vulnerability of microfinance banks to fraud, particularly in the wake of increasing loan scams targeting small financial institutions. Stakeholders have called for stricter verification processes to prevent such incidents.
Naija247news gathered that the EFCC has intensified its crackdown on financial crimes, with several high-profile arrests and convictions recorded in recent months. The commission has also urged members of the public to report suspicious activities to curb the rising trend of fraud.
