A 29-year-old loan officer with First City Monument Bank (FCMB) Microfinance, Ayomide Lamidi, has been arraigned before the Ogudu Magistrates’ Court in Lagos for allegedly diverting ₦11.6 million belonging to the bank for personal use.
According to the prosecution, Lamidi was entrusted with managing clients’ deposits and loan repayments but allegedly failed to remit several transactions to the bank’s account between January and July 2025.
Audit Uncovers Missing Funds
The prosecutor, Inspector Sunday Bassey, told the court that the fraud was uncovered after the bank conducted an internal audit at its Ikorodu Road branch in Ketu, Lagos.
The audit revealed multiple discrepancies in Lamidi’s financial records, prompting an internal investigation. The branch manager, Yetunde Ogundare, and the bank’s auditor, Adesola Adebowale, later reported the findings to the police after confirming that the missing funds were traced to the officer’s activities.
Inspector Bassey added that the defendant confessed to the diversion during police interrogation.
Court Grants Bail
Lamidi was charged with stealing, an offence punishable under Section 287(7) of the Lagos State Criminal Law, 2015, which relates to theft committed by employees.
Presiding Magistrate O.A. Daodu granted the accused bail in the sum of ₦700,000, with two sureties in like sum, both of whom must provide verifiable means of identification and proof of residence.
The matter has been adjourned until October 7, 2025, for further proceedings.
Rising Cases of Internal Fraud
Incidents of internal fraud within Nigerian financial institutions have continued to raise concerns about transparency and accountability in the banking sector. Experts argue that poor supervision, weak internal controls, and economic hardship are among the key drivers of such offences.
Financial analysts have called on banks to strengthen employee monitoring systems, conduct regular forensic audits, and implement tougher penalties to deter future cases of staff-related financial misconduct.
