A former Head of Operations at the Fairmoney Microfinance Bank, Kingsley Ishiguzo, has been arraigned for an alleged fraud of N38,905,022.

That Ishiguzo allegedly demanded a refund initiation token from the customer support team lead of the bank and thereafter initiated fictitious refunds, using codes of existing refund requests which had already been settled.

He was arraigned on three counts before Magistrate O.A. Olayinka of the Ogba Magistrate’s Court Lagos State.

The charges read in part, “That you, Kingsley Ishiguzo, and two others now at large, between January 10, 2022, and March 16, 2022, on Adeniyi Jones, Ikeja, Lagos, in the Ikeja Magisterial District, did steal the sum of N38,905,022, only, property of Fairmoney Micro Finance Bank Limited, your employer.”

The police prosecutor, Emmanuel Eze, said the offences were punishable under sections 411, 287(7) and 314(1) of the Criminal Law of Lagos State, 2015.

The defendant pleaded not guilty to the charges.

The magistrate admitted him to bail in the sum of N5m with one surety in like sum.

The case was adjourned till November 14, 2022, for trial.

Counsel for the bank, Festus Ogun, said he was confident justice would be done.