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Microfinance Bank Defrauds Over 200 Market Women in Lagos

The workers of an unnamed Microfinance bank who obtained money from several market women under false pretense are currently at large shortly after commencing operations.

Market_Women There was confusion at a certain microfinance bank located on Atitebi Junction on the Old Apapa Road, in the Oyingbo area of Lagos state when no fewer than 200 women got to the bank where they had allegedly opened accounts but discovered it was deserted.

According to Punch, the police in the State are on the trail of the employees of the said bank who allegedly defrauded the women of their savings.

The bank, which reportedly used a three-room apartment in a storey building at the junction, started giving out forms around September to the victims, who were mostly market women.

Reports say the aggrieved women who were given forms and account booklets where savings were ticked after each deposit, had been told by the bank to come last Monday to get loans after making three months’ savings, only to discover that the bank officials were nowhere to be found. While some of the women reportedly deposited N21, 000 hoping to be given loans of N150, 000, others were said to have paid in N15, 000 to be lent N100, 000. Some others also deposited N7, 500 hoping to be lent N50, 000.

However, trouble started when some of the women who had been told to come for their money on Friday, got to the bank at about 10am and met the rooms under lock and key. They were said to have raised the alarm and started to call other women who were customers.

Policemen from the Iponri division were said to have arrived to pacify the women and enjoined them to make a formal report for investigation, because the wailing women caused a gridlock on the road, during which some of them put calls through to the phone numbers on the form, but the lines were reportedly switched off.
Speaking on the incident, one of the women, who identified herself as Yakubu Rukayat, said she had deposited N15, 000, and brought her sister to contribute N21, 000 hoping to get the loans.

According to her, “Over 200 of us were affected. We were shocked to meet their doors locked on a Monday. The rooms are empty. The door is locked. Look at the form I filled and the passbook they gave me. I deposited N15, 000, and I also brought my sister to pay in N21, 000.

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