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.
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