Bank Chairman arrested by Police over fraud

Bank Chairman arrested by Police over fraud

Sunday, January 22, 2017 4:47 pm

Wale Adeduro

Wale Adeduro

By Akin Kuponiyi

Former chairman of Cashcow Microfinance Bank Ltd, Igbosere Lagos island, Lagos State south West Nigeria, Dr Wale Adeduro, who has eluded the police for over two years has been arrested by the men of the Nigeria Police Force from the Special Fraud Unit,of the Force Milverton Road,Ikoyi on the directive of the Inspector General of Police.

The arrest of Dr Adeduro was sequel to a petition written by Cashcow Micro finance bank to the inspector General of Police, accusing the former Chairman of the Micro Finance bank of N50.4 million fraud.

The accused Former Chairman who has remained elusive and at large in concert with the former Managing Director and two Directors of the bank were accused of stealing and diversion of customers and depositors funds at Cashcow Microfinance Bank between 2010 and 2015.

In the Petition, the accused Chairman was alleged to have diverted the funds to his personal use and also used the depositors’ funds to acquire a Bureau de Change Company BDC -Stillwater Limited and traded forex with deposited funds through the BDC – Stillwater Ltd.

The three alleged co- conspirators of the Chairman, The former Managing Director Titilayo Adesanya, Former Manager Kemi Adebayo and a Director of the bank Olufemi Tinuoye, are currently facing criminal trial before Yaba Chief Magistrate Court, Lagos for conspiracy and stealing.

They were arraigned before the court on 24th of September, 2015, in the absence of the accused runner way Chairman of the bank.

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