Former Sterling Bank Staffer Charged with Alleged N2m Fraud

Lagos, Nigeria – William Owoeye, a former employee of Sterling Bank Plc, has been brought before a Lagos Magistrates’ Court on charges of allegedly stealing N2 million from his employer’s account.

According to the police, Owoeye is accused of perpetrating the fraud by using a customer’s name to obtain a N2 million loan without the customer’s consent and then converting the funds for personal use. The alleged fraudulent activity came to light during a bank account audit when it was discovered that Owoeye had cleverly presented the loan as if it had been taken by a genuine customer who had not requested a loan.

Upon discovering the alleged misconduct, Sterling Bank’s management reported the incident to the Divisional Police Officer (DPO) in charge of Lion Building Division, who promptly ordered a search for Owoeye. The police successfully located and arrested him at a hideout in Lagos.

Owoeye, originally from Ekiti State and a resident of Ilogbo Road, Ota, Ogun State, was subsequently charged before the Tinubu Magistrates’ Court in Lagos Island on two counts of obtaining money under false pretenses and stealing.

During the court hearing, the police prosecutor, Ben Ekundayo, stated that the defendant committed the offenses in April 2022 while employed at Sterling Bank, just four months after securing the job. The charges against Owoeye are punishable under Sections 411 and 314 (1) of the Criminal Law of Lagos State, 2015.

Owoeye pleaded not guilty to the charges, and the presiding Magistrate granted him bail in the sum of N200,000, requiring two sureties of the same amount. The case was adjourned until July 28, 2023, for mention, and the Magistrate ordered Owoeye to be held at the Ikoyi Correctional Facility until he fulfills the bail conditions.

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