The police in Lagos have arraigned a former Head of Operations of Fairmoney Microfinance Bank, Kingsley Ishiguzo before a Lagos State Magistrate’s Court in Ogba over an alleged N40 million fraud.
The police accused Ishiguzo of allegedly demanding a refund initiation token from the customer support team of the bank and thereafter initiated fictitious refunds, using codes of existing refund requests which had already been settled.
The defendant was arraigned before the court on a three-count charge of conspiracy and fraud.
The police prosecutor, Emmanuel Eze also told the court that the defendant and others now at large allegedly committed the offences between January and March this year.
Eze also maintained that the offences were punishable under sections 411, 287(7) and 314(1) of the Criminal Law of Lagos State, 2015.
The defendant, however, pleaded not guilty to the charge.
The Magistrate granted the defendant bail in the sum of N5 million with one surety in like sum among others.
The court while adjourning the matter till November 14, 2022, for trial, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services until he perfects the terms of his bail.