FCMB Microfinance staff, Ayomide Lamidi, a 29-year-old loan officer have been arrested over an allegation of N11.6million theft.
Lamidi was arraigned on Thursday before an Ogudu Magistrates’ Court, Lagos, for allegedly stealing N11.6 million belonging to his employer, FCMB Microfinance Bank.
Findings revealed that First City Monument Bank (FCMB) owns and operates the FCMB Microfinance Bank Limited as part of its Commercial and Retail Banking group, providing financial services to low-income individuals, small businesses, and underbanked populations in Nigeria. The bank was created to promote financial inclusion and offers affordable funding, digital services, and financial literacy programs to support economic growth and entrepreneurship.
The prosecutor, Inspector Sunday Bassey told the court that the defendant committed the offence between January and July, 2025 at the bank’s branch located along Ikorodu Road, Ketu.
Bassey said an internal audit revealed that the defendant diverted customers’ loan repayments and deposits for personal use without remitting them into the bank’s account.
He said the bank’s auditor, Mr Adesola Adebowale and branch manager, Yetunde Ogundare, reported the matter to the police after discovering the fraud.
The prosecutor added that during interrogation, the defendant admitted to the act.
He said the offence contravened Section 287(7) of the Criminal Law of Lagos State, 2015.
The Magistrate, Mrs O.A. Daodu, granted the defendant bail in the sum of N700,000 with two sureties in like sum. The case was adjourned until Oct. 7, 2025, for further hearing.