Police Arrest 10 Illegal Micro Finance Bank Operators, Recovers N961,375

The Oyo State Police Command on Thursday, arrested 10 suspects, who operate an illegal Micro finance bank called STAAGMART Nigeria Limited, situated at D69 Oyingbo, Lagos State.

 

The command also said it recovered the sum of N961,375 from the suspects.

 

The state’s commissioner of police, Shina Olukolu who disclosed this to newsmen , while parading  the suspects at the command’s headquarters in Ibadan, said ,“The company is a financial institution and is into giving soft loan to their customers.

 

Olukolu said that 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.

 

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

 

” 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,” Olukolu said.

 

He said that his officers led by ASP Muhammed Jamiu swung into action and apprehended the suspects.

 

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

 

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