A 29-year-old loan officer with FCMB Microfinance Bank, Ayomide Lamidi, was on Thursday arraigned before an Ogudu Magistrates’ Court in Lagos for allegedly siphoning N11.6 million belonging to his employer.

The prosecutor, Insp Sunday Bassey, told the court that Lamidi systematically diverted customers’ loan repayments and deposits for his personal use between January and July 2025, instead of remitting them into the bank’s account.

Bassey said the fraud was uncovered after an internal audit exposed glaring irregularities in customers’ records. The bank’s auditor, Mr Adesola Adebowale, and branch manager, Mrs Yetunde Ogundare, subsequently reported the case to the police.

He added that under interrogation, the defendant confessed to misappropriating the funds in violation of Section 287(7) of the Lagos State Criminal Law, 2015.

The Magistrate, Mrs O.A. Daodu, granted Lamidi bail in the sum of N700,000 with two sureties in like sum. The case was adjourned until October 7, 2025, for further hearing.

The case has once again raised concerns over internal fraud in Nigeria’s financial institutions, especially as customers continue to battle eroding trust in the banking system.