N8.75m Fraud: Court slams 7 years sentence to Microfinance Bank Official

Justice Dije Aboki of the Kano State Division of the Federal High Court has slammed a 7 years sentenced to one Alhaji Munir Sagagi, Chiarman of the Nigerian Association of Small Scale Industries, Kano Chapter.

Justice Aboki in her Judgement held that the prosecution had proved its case beyond reasonable doubt.
The judge found Sagagi guilty and sentenced him to seven years imprisonment without option of fine on count two of the charge.

Trouble started for Sagagi when he was arrested by the operatives of Economic and Financial Crimes Commission, EFCC, following a petition against him by one Alhaji Nasir Abubakar.

The petitioner alleged that Sagagi alongside one Rabi Umar conspired to swindle him of the sum of N8,750,000 (Eight Million, Seven Hundred and Fifty Thousand Naira) under the pretext that the said money would secure him a loan which was based on equity contribution in KMC Microfinance Bank, where both accused persons work.

In the course of the trial, the prosecution presented witnesses and tendered documents to establish the complicity of the defendants in the alleged offence.

Counts one and three were resolved in favor of the accused persons.

The convict was also ordered to restitute the sum of N5,500,000 (Five Million, Five Hundred and Fifty Thousand Naira) to the complainant.

On the second defendant, Umar, Justice Aboki said she found no link between the convict and his co-accused in the commission of the crime. She, accordingly, discharged and acquitted him.