MICROCAPITAL BRIEF: SIMS Nigeria Limited, Two Individuals Charged With Defrauding Microfinance Bank Out of $20k

Two Nigerian businessmen, Onochie Nduka and Christopher Eyisi, and SIMS Nigeria Limited, a company that sells power generators, were charged with forgery, obtaining money under a false pretence and stealing NGN 3 million (USD 20,000) from an unnamed microfinance bank.

Inspector Aderemi Olajuwon of the Igbosere Chief Magistrate’s Court said that the men had laundered the funds during the month of August from the microfinance bank. The men executed their ruse by obtaining money from bank “under the false pretence of purchasing a 40 KVA generator from SIMS Nigeria Ltd.” The deceit included a forged receipt for the delivery of the generator [1].

By John Howard-Smith, Research Associate

[1] The Nigerian Observer: ‘Businessmen, Coy Arraigned Over N3m Theft”, http://nigerianobservernews.com/02112010/businessservices/businessnews4.html

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