EFCC arrests fraudulent ‘Microfinance Bank’ operator in Sokoto

Economic and Financial Crime Commission, (EFCC), has arrested the manager of a Microfinance bank in Sokoto for allegedly obtaining by false pretence monies to the tune of N897,500.00.

A manager at Olive Micro Finance Bank located at Opposite Asibiti, Eastern By-pass, Tamaje, Sokoto, identified as Amina Kabo, a.k.a. Firdausi Kabo was arrested by EFCC ON 4 December, 2019 for allegedly obtaining by false pretence monies to the tune of N897,500.00.

EFCC arrests fraudulet 'Microfinance Bank' operator in Sokoto


Kabo was arrested alongside three others – Mariam Usman, Abdulrahman Lawali, and Shehu Ibrahimwhom – whom she recruited as staff.

The suspects were alleged to have been collecting monies ranging between N5,000 to N10,000 from unsuspecting victims under the guise of opening accounts for them with a view to granting them loans in the following categories: N5,000 for N50,000 Loan; N7,000 for N100,000 Loan; N8,000 for N200,000 Loan; N9,000 for N300,000 Loan and N10,000 for N400,000 Loan.

In the premises, EFCC recovery of N533,805.00 and N49,505.00, with preliminary investigation revealing that Kabo has so far collected N897,500.00 from 108 victims.

According to reports, the suspect runs Olive Microfinance Bank and Easy Loan Microfinance Bank – similar fraudulent business – at Jega and Gwandu in neigbouring Kebbi State.

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