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How Bank MD Used Subordinate’s Password To Steal



The managing director, MD of Workman Microfinance Bank, Bauchi, Sarita Aliyu Bello who obtained the passwords of the head of credit of her bank stole from her bank through fraudulent loan requests and is now to serve four years in jail for her deeds.

Justice M.M. Abubakar of Bauchi State High Court, Bauchi on Monday, August 11, 2021, convicted and sentenced Sarita Aliyu Bello, to four years imprisonment on a two -count charge bordering on misappropriation and forgery brought against her by the Economic and Financial Crimes Commission, EFCC.

The offence is contrary to Section 308 and 363 and punishable under Section 309 and 364 of the Penal Code Law.

The bank MD was said to have some time in 2020 as the Managing Director of the Microfinance Bank, misappropriated the sum of N4,786,700.00 (Four Million, Seven Hundred and  Eighty-six Thousand, Seven Hundred Naira). Using the password of the Head, Credit Unit of the bank, she created fictitious names, generated fraudulent loan requests, approved and paid the same to herself.

When confronted with evidence of her crime, she pleaded guilty to the charges brought against her and was sentenced to five years imprisonment.

The bank MD was was ordered by the court to pay the sum of N3,786,700 ( Three Million, Seven Hundred and Eighty Six Thousand , Seven Hundred Naira) to the bank through the EFCC.

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