Police nab operators of illegal Micro finance bank, recover money

Nigerian Police on patrol
Nigerian Police

The Oyo State Police Command has arrested 10 suspects, who operated an illegal Micro finance bank and recovered a sum of N961,375 from them.

The bank, STAAGMART Nigeria Limited, is situated at D69 Oyingbo, Lagos State,

The state commissioner of police, Shina Olukolu disclosed this to journalists on Thursday while presenting the suspects at the command’s headquarters in Ibadan.

Mr Olukolu said the command got information from the public on July 30 that some hoodlums suspected to be armed robbers lodged at S.L hotel at Boluwaji area in Ibadan.

He said his officers led by Muhammed Jamiu, an assistant superintendent of police, swung into action and apprehended the suspects.

Mr Olukolu explained that one of the suspects, who claimed to be the Chief Executive Officer of bank, said it (bank) was situated in Lagos State but operates at Lokoja, Kogi state capital.

“The company is a financial institution and is into giving soft loan to their customers.

“The customers are to invest the sum of N30,000 and above to be entitled to 10 per cent of the total money invested within 5 days.

“The suspects after receiving huge unaccounted amount of money from their customers in Lokoja, decided to abscond with the money to Ibadan and Lodge at S.L hotel, Boluwaji area, Ibadan, before they were arrested,” Mr Olukolu said.

The commissioner of police said the exhibit in possession of the suspects are a sum of N961,375, Staagmart Nigeria Ltd., documents, certificate of incorporation and other things.

He said all the suspects have confessed to have committed the offence and would be charge to court as soon as the investigation is completed.

One of the suspects in an interview told the News Agency of Nigeria (NAN) that they absconded from Lokoja when their customers wanted to attack them because they were unable to keep to their promises.

The commissioner of police advised the public to be wary of Okada riders who carry two passengers, especially at the early hours of the day or late in the night.

He said it was usually a plot to rob innocent peace and loving people of the state of their personal belongings especially as the celebration of Eid-kabir approaches.


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