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Executives quizzed as Kano depositors' funds disappear

26 October 2015, 08:38Augustine Osayande

Abuja - The Kano State Anti Corruption and Public Complaints Commission said it had uncovered fraudulent diversion of N207 million of depositors’ money from  the state's 37 microfinance banks.

Three people, including the consultant  that handled the establishment and running of the banks, Rabiu Tudunwada, Managing Director of the banks, Rabiu Garba, and Director of Recruitment, Hajara Umar, have been quizzed.

Chairman of the commission, Muhyi Rimingado, said investigation revealed that the consultants received a total sum of N74 million as accrued interest from the share capital of N20 million in each of the 37 micro banks.

He alleged the chief consultant directed the banks’ managing directors to pay the money to his personal account.

Also Read: Police kill 3 bandits in Delta, Kano States

Rimingado added that the sum of N50 million was found to have been debited from the accounts of the banks.

He also said the chief consultant was found to have fraudulently directed all the managing directors of the banks to transfer another N2 million each into his company account.

Rimingado added that there was a likelihood more fraud might be uncovered as investigations into the matter were still in progress. - CAJ News Sent from my BlackBerry® wireless device

- CAJ News


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