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Victims Lament Bitterly As Microfinance Bank Disappears With Customers’ Funds



Some residents have stormed the Mowe Police Station, Ogun State, last Thursday, after a microfinance company made away with their money.

The company had promised to give its customers loans after deposit but disappeared after receiving payments from many people in the area.

One of the victims, Funmilayo Adebayo, told The Punch that, “About three of us jointly contributed N50,000 which we paid to them because we wanted a loan of N150,000. I suffered while I was pregnant to get the money that I gave them. Now that I have put to bed and I need it, the money has been lost.”

Another victim, who identified herself as Nike, said she needed a loan of N200,000 and paid N24,000 to the company.

Mine is not even much compared to what some other people gave them. There was a woman that was crying at Lotto yesterday that she gave them N200,000 for a loan of N1m,” she added.

Morenike Ajayi, had applied for a loan of N200,000, to boost her catering business.

She said, “All my hope was on this money because I withdrew the remaining money in my account, borrowed more money from one of my friends with the hope that once I get the loan, I will pay her back and put the remaining in my business. Now, these scammers have ruined all my plans. Where will I start from?”

The Ogun State Police Public Relations Officer, Abimbola Oyeyemi, said an investigation was ongoing into the matter.

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