Bank MD Slammed With A Five-Year Jail Term Over N4.7M Fraud
According to the charges filed by the EFCC, Sarita had in 2020 misappropriated N4,786,700.
It was said that as the Managing Director of the bank, Sarita used the passcode of bank’s Head of Credit Unit, created fictional names of non-existent people, after which she generated several loan requests, unilaterally approved these requests and then paid same to herself.
Managing Director pleaded guilty having been confronted with evidence by the EFCC.
Delivering judgement on the matter, Justice Abubakar condemned the Managing Director to a five-year jail term and ordered her to refund the sum of N3,786,700 to the microfinance bank through the EFCC.