Banker Arrested For Stealing ₦116 Million From Customers’ Accounts In Lagos

Ikeja, Lagos State- The Nigerian Police at Lion Building have arrested Mrs Sadiku Ruth Olubunmi, a 39-year-old banker with Seedwest Limited, following allegations of embezzling ₦116 million from customer accounts.

Olubunmi is accused of forging documents, including a letterhead from Towade Global Business Ventures, to fraudulently withdraw ₦15 million, as well as diverting ₦101 million from various customers’ deposits for her personal use.

The fraud was uncovered after customers raised concerns, leading Seedwest Limited to initiate an internal review and subsequently report the matter to the police.

Following an investigation led by Inspector Pius Ndegbe, Olubunmi was arraigned at the Igbosere Magistrate’s Court on charges of obtaining money under false pretence, forgery, and stealing.

Inspector Pius Ndegbe and his team conducted the investigation, resulting in Olubunmi’s arraignment before the Igbosere Magistrate’s Court.

She faces four counts of obtaining money under false pretenses, forgery, and theft.

The prosecution, led by Inspector Ejime Okete, stated that the offenses occurred between June and August 2024, during Olubunmi’s time as a cashier responsible for receiving and depositing customer funds.

The charges violate Sections 411, 365, 314, and 287 of the Lagos State Criminal Law, 2015.

Olubunmi pleaded not guilty to the charges.

However, Chief Magistrate B.A. Sonuga granted her bail of ₦2 million with two sureties in like sum and adjourned the case to 22 January 2024 for mention.

“Olubunmi will remain at the Ikoyi Correctional Facility until she meets the bail conditions,” Sonuga stated.