Elusive Former Bank Chairman Arrested Over N50.3m Fraud

Former Chairman of Cashcow Microfinance Bank Ltd Igbosere Lagos Island, Lagos State, Wale Adeduro, who has eluded the police for over two years, has been arrested by detectives from the Special Fraud Unit, Lagos, on the directive of the Inspector General of Police (IGP), Ibrahim Idris. .
The arrest of Adeduro was sequel to a petition written by Cashcow Micro Finance Bank to the IGP, accusing the former Chairman of N50.3m fraud.
The accused has remained elusive and at large in concert with the former Managing Director and two directors of the bank. They were accused of stealing and diverting depositors funds at Cashcow Microfinance Bank between 2010 and 2015.
In the petition, the former Chairman allegedly diverted the funds for his personal use and to set up a Bureau de Change named -Stillwater Limited.
The other three accused, the former Managing Director Titilayo Adesanya, former Manager, Kemi Adebayo and a director of the bank, Olufemi Tinuoye, are currently facing trial before a Yaba Chief Magistrates’ Court, Lagos for conspiracy and stealing.
They were arraigned before the court on 24 September, 2015, in the absence of the first accused, former chairman of the bank.

Author: News Editor

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