How Fairmoney Microfinance Bank Operational Head Allegedly Defrauded Customer

A former Head of Operations of Fairmoney Microfinance Bank, Kingsley Ishiguzo has been arraigned before Lagos State Magistrate’s Court in Ogba for an alleged fraud of about forty million naira.

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.

According to the Police, the defendant and others now at large allegedly committed the offences between January and March this year.

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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 trial, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services

Wahab Akinlade

Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

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