Micro-finance bank chairman arrested over fraud

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OrijoReporter.com, Dr Wale Adeduro

Ex-chairman of Cashcow Micro-finance Bank Ltd, Lagos Island area of Lagos State, Dr Wale Adeduro who had been on the run for over two years, has been arrested by men of the Nigeria Police Force from the Special Fraud Unit of the Force Milverton Road,Ikoyi on the directive of the Inspector General of Police.

Read also: Ex-First Bank Chairman’s son commits suicide after withdrawing customer’s N350m

The arrest of Dr Adeduro was sequel to a petition written by Cashcow Micro finance bank to the inspector General of Police, accusing the former Chairman of the Micro-finance bank of N50,389,000.09.fraud.

The accused who had remained elusive and at large in concert with the former Managing Director and two Directors of the bank were accused of stealing and diversion of customers and depositors funds at Cashcow Micro-finance Bank between 2010 and 2015.

In the Petition the accused Chairman was alleged to have diverted the funds to his personal use, and also used the depositors funds to acquire a Bureau de Change Company BDC -Stillwater Limited, and traded forex with deposited funds through the BDC – Stillwater Ltd.

The three alleged co-conspirators of the Chairman, the former Managing Director, Titilayo Adesanya, ex-manager, Kemi Adebayo, and a Director of the bank, Olufemi Tinuoye, are currently facing criminal trial before Yaba Chief Magistrate Court, Lagos for conspiracy and stealing.

They were arraigned before the court on 24th of September,2015, in the absence of the accused bank’s chairman, Adeduro,

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