Microfinance bank disappears with customers’ funds, victims lament losses

There was an uproar at the Mowe Police Station, Ogun State, last Thursday, when some residents, who were allegedly defrauded by a microfinance company stormed the station.

PUNCH Metro learnt that the company promised to give its customers loans after deposits, but absconded after receiving payments from many people in the area.

When our reporter visited the police station, some of the victims were seen lamenting at the gate.

A victim, Funmilayo Adebayo, said, “About three of us jointly contributed N50,000 which we paid to them because we wanted a loan of N150,000. I suffered while I was pregnant to get the money that I gave them. Now that I have put to bed and I need it, the money has been lost.”

Another victim, who identified herself as Nike, said she needed a loan of N200,000 and paid N24,000 to the company.

“Mine is not even much compared to what some other people gave them. There was a woman that was crying at Lotto yesterday that she gave them N200,000 for a loan of N1m,” she added.

Another resident, Morenike Ajayi, who said she applied for a loan of N200,000, explained that the money was to boost her catering business.

She said, “All my hope was on this money because I withdrew the remaining money in my account, borrowed more money from one of my friends with the hope that once I get the loan, I will pay her back and put the remaining in my business. Now, these scammers have ruined all my plans. Where will I start from?”

In the company’s loan slip seen by our reporter, it was stated that for a client to access a loan of N50,000, a deposit of N5,000 will be paid; N12,000 for N100,000; N18,000 for N150,000 and N24,000 for N200,000.

The Ogun State Police Public Relations Officer, Abimbola Oyeyemi, said investigation was ongoing into the matter.