LAPO MicroFinance Bank Staff Jailed For Granting Self Loan Without Approval

Eko Hot Blog reports that a staff of LAPO MicroFinance Bank, Abiodun Mayowa David, has been arrested in Lagos State after he allegedly granted himself loan of N1m without the permission of the management.

The incident reportedly happened at the Bank’s branch located at Yemkem Plaza, Faith Bus Stop in Idimu area of Lagos.

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According to the Police, the bank staff had between June, 2023 to October, 2023, collected the money which he claimed to be a loan he granted himself without the approval from the management.

Trouble started after the bank management carried out an internal audit, discovered that the money was missing and it was traced to the bank staff and he was summoned to know why he did so.

He reportedly admitted to have collected the money as a loan without approval with the intention of returning the money but was unable to do so before the bank management discovered.

The matter was reported to the Police at Idimu Division and the staff, David, was arrested and consequently charged before the Court for the alleged offence.

Lapo Microfinance Bank

However, he pleaded not guilty when he was arraigned.

The prosecutor, Inspector Simeon Njue, then asked the Court to give a date for hearing since he pleaded not guilty to enable the Police to prove that he actually committed the alleged offence.

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The Presiding Magistrate, Mrs. O.A. Layinka, granted him bail in the sum of N300,000 with two sureties in like sum, who must show evidence of means of livelihood and tax payment.

The matter was adjourned till 19th December, 2023, for mention while the defendant was remanded in custody at the correctional centre at Kirikiri town, Lagos, pending when he will perfect his bail conditions.

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