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: http://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: http://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-partners-with-etranzact-to-launch-rural-telephony-project-rtp-mobilemoney-in-nigeria/

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