MICROCAPITAL BRIEF: Former Directors of Havilah Microfinance Bank Limited, Rufus Dada Oluyole and Rotimi Olubowale, Arraigned in Nigeria For Conspiracy, Other Charges

Former directors of Havilah Microfinance Bank Limited, Rufus Dada Oluyole and his son-in-law Rotimi Olubowale, have been arraigned before a magistrate’s court in Lagos, Nigeria on criminal charges of conspiracy, forging the letterhead of Havilah and falsely representing themselves as directors of the bank to customers after they no longer filled those roles.

Both have pleaded not guilty to the charges and the defendants’ lawyer has applied for bail for both accused. Other, unnamed co-conspirators are still at large, according to the prosecutor [1].

By John Howard-Smith, Research Associate

About Havilah Microfinance Bank Limited: Havilah Microfinance Bank Limited, fomerly known as Odofin Community Bank Limited, has been registered under its current name since January 2008. No financial information or website is available for this institution.

[1] Nigerian Compass: “Ex-microfinance bank MD faces criminal charges”, http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=72963:ex-microfinance-bank-md-faces-criminal-charges&catid=43:news&Itemid=799

MicroCapital.org story, January 1, 2010: “MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation (NDIC) Blames Microfinance Institutions (MFIs) for Lending Failures, MFIs Fault “Bad” Nigerian Borrowers”, https://www.microcapital.org/microcapital-brief-nigeria-deposit-insurance-corporation-ndic-blames-microfinance-institutions-mfis-for-lending-failures-mfis-fault-bad-nigerian-borrowers/

MicroCapital’s Microfinance Universe profile: Havilah Microfinance Bank Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Havilah+Microfinance+Bank+Limited

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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