Three directors of Impact Microfinance Bank Limited, a microfinance institution established in 2008 with headquarters in Lagos, have been arrested for fraud. The three men – 49 year-old Innocent Akpan, 45 year-old David Obieke and 45 year-old Joseph Nwabuwanne – were arrested after several depositors complained that they could not access their funds. The suspects allegedly mismanaged the depositors’ money and subsequently could not honor clients’ deposits. The suspects are now facing an eight-count charge of fraud, stealing and issuance of faulty checks. There is no financial information available for Impact Microfinance Bank Limited.
By Conner Brannen, Research Assistant
Sources and Additional Resources:
PM News: “3 Micro Finance Bank Chiefs Arrested Over Fraud,” June 25, 2010: http://pmnewsnigeria.com/2010/06/25/3-micro-finance-bank-chiefs-arrested-over-fraud/
MICROCAPITAL BRIEF: Head of Nigerian Deposit Insurance Corporation (NDIC) Announces Completion of Review of Distressed Microfinance Banks, Outlines Path to Sanitization, June 25, 2010: https://www.microcapital.org/microcapital-brief-head-of-nigerian-deposit-insurance-corporation-ndic-announces-completion-of-review-of-distressed-microfinance-banks-outlines-path-to-?sanitization?/
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Partners with eTranzact to Launch Rural Telephony Project (RTP) MobileMoney in Nigeria, June 25, 2010: https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-partners-with-etranzact-to-launch-rural-telephony-project-rtp-mobilemoney-in-nigeria/
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROFINANCE EVENT: Global Impact Investing Network (GIIN) Impact Forum; October 4-5, 2023; Copenhagen, Denmark
- MICROCAPITAL BRIEF: Jeevan Bikas, Pula, UNCDF Partner on Index Insurance for Farmers in Nepal
- MICROFINANCE EVENT: Global Impact Investing Network (GIIN) Investor Forum; October 12-13, 2022; the Hague, the Netherlands
- SPECIAL REPORT: Leveraging Carbon Credits to Insure MSMEs in Climate-vulnerable Nations #SAM2023
- MICROFINANCE EVENT: Navigating the Future of Impact Investing in Asia; May 9, 2023; Hong Kong, China