Seven employees of Self Reliance Economic Advancement Programme (SEAP) Micro finance Bank were on Tuesday arraigned in an Oyo State High Court in Ibadan over N40 million fraud.


The defendants–Kehinde Soleye, Jegede Ademola, Idowu Adetutu, Omole Temitope , Muhammed Ibrahim, Adebisi Morenike and Adebunmi Esther–were arraigned on a three-count charge of conspiracy, forgery and stealing, NAN reports.

The prosecuting counsel, Mrs. Kashifa Oloso-Olayiwola, told the court that the defendants and others at large conspired to steal N40 million at the Old Ife road branch of the bank in Ibadan.

Oloso-Olayiwola alleged that the defendants, being employees of the micro finance bank in charge of daily collection of money, stole the N40 million between January 2013 and July 2014.

She said that the defendants falsified the records and account of the micro finance bank to defraud the bank.


The prosecutor further alleged that the defendants forged various FCMB tellers to defraud the micro finance bank.

She said that the offences contravene Sections 516, 390 and 438 of the Criminal Code, Cap 38 Vol. II of the Laws of Oyo State, 2000.

The defendants, however, pleaded not guilty to the charge.

The lead counsel to the defendants, Mr Akinjide Sadiq, applied for bail for the defendants and this was not opposed by the prosecuting counsel.


Justice Kamorudeen Olawoyin granted bail to the defendants in the sum of N1 million each with two sureties in like sum.

Olawoyin adjourned the case till Feb.17 for commencement of hearing, saying hearing would hold daily until the prosecution finished calling its witnesses.



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