The Kano State Anti-Corruption and Public Complaints Commission, under the leadership of Alhaji Muhi M. Rimingado, has uncovered fraudulent diversion of N207 million depositors’ money from 37 micro-finance banks in Kano.
Three persons have so far been arrested in connection to this allegation and are presently been investigated by the Commission. They include the consultant that handled the establishment and running of the micro-finance banks, Rabiu Tudunwada, the overall managing director of the banks, Rabiu Garba, and director of recruitment, Hajara Umar.
Parading the accused persons before journalists, in Kano, Rimingado, stated that investigation revealed that R.I and Co Financial 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 said the chief consultant directed the banks’ managing directors to pay the money to his personal account in First Bank PLC, with account number 2023303449.
He further stated 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.
“The money was debited in the name of Treasury Bills for the banks, and it is common knowledge that treasury bills are legal instrument duly approved by the Central Bank of Nigeria (CBN) in which financial institutions invest funds and expect interests.
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