Monday, 5 February 2018

Court Jails Microfinance Bank Official 7years for N8.75m Fraud

Justice Dije Aboki of the Kano State High Court on January 25, 2018 convicted and sentenced one  Alhaji Munir Sagagi, Chiarman of the Nigerian Association of Small Scale Industries, Kano Chapter, to seven years imprisonment without option of fine.

Trouble started when he was arrested by the operatives of Economic and Financial Crimes Commission, EFCC, following a petition by one Alhaji Nasir Abubakar.

The petitioner alleged that Sagagi alongside one Rabi Umar conspired to swindle him of the sum of N8,750,000 (Eight Million, Seven Hundred and Fifty Thousand Naira) under the pretext that the said money would secure him a loan which was based on equity contribution in KMC Microfinance Bank, where both accused persons work.

In the course of the trial, the prosecution presented witnesses and tendered documents to establish the complicity of the defendants in the alleged offence.

In her judgment, Justice Aboki held that the prosecution had proved its case beyond reasonable doubt. The judge found Sagagi guilty and sentenced him to seven years imprisonment without option of fine on count two of the charge.

Counts one and three were resolved in favor of the accused persons. 

The convict was also ordered to restitute the sum of N5,500,000 (Five Million, Five Hundred and Fifty Thousand Naira) to the complainant.

On the second defendant, Umar, Justice Aboki said she found no link between the convict and his co-accused in the commission of the crime. She, accordingly, discharged and acquitted him.

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