Microfinance Bank MD bags five years for N4.7m scam

Category: Crime News

Justice M. M. Abubakar of Bauchi State High Court has convicted and sentenced Sarita Aliyu Bello, Managing Director of Workman Microfinance Bank, Bauchi.

She faced a two-count charge bordering on misappropriation and forgery brought by the Economic and Financial Crimes Commission (EFCC)

Bello’s offences were contrary to Section 308 and 363 and punishable under Section 309 and 364 of the Penal Code Law.

Sometime in 2020, according to the EFCC charge, she misappropriated the sum of N4,786,700.

Bello used the password of the bank’s Head of Credit Unit, created fictitious names, generated fraudulent loan requests, approved and paid the same to herself.

The MD pleaded guilty to the charges when the EFCC presented evidence of the crime to her.

Justice Abubakar sentenced Bello to five years imprisonment and ordered the repayment of N3,786,700 to the bank through the EFCC.