Echonews Nigeria Community News

Echonews – GET the latest community news from Nigeria

Fake micro finance bank in Ejigbo defrauds customers N8m


By Felix Kuyinu

A company identified as Golden Grace Investment Company, located at Idimu road Ejigbo Lagos has defrauded its customers to the tune of N8million having operated under false pretense of being a Microfinance bank.

According to reports, the customers, having made savings into the bank stipulated account suspected danger when they approached the bank at the end of the investment period to get back their capital and interest but discovered that the company could not meet its own part of the agreement. They also discovered that some of the staff of the company were no longer available when they visited the office in their numbers.

The swindled customers reported the matter to the police and three staff of the company, Bisoye Amoo, Bankole Tolulope and Gbenga Victor were arrested. Seven other persons including the Managing Director of the company were at large. On investigation, the police discovered false documents bearing the name of the fake company in their possession.

A large crowd, most of them females, was sighted at the premises of Ejigbo magistrate court where the matter was charged. The prosecuting police officer, Mr. Samuel Nwankwo read out the eight count charges which were punishable under the criminal law of Lagos State.


The defendants were however granted bail each in the sum of N1million each with two sureties each and each of the sureties was expected to be a landlord and gainfully employed with N30,000 tax verification.

The case was adjourned till 4th day in July. The defendants were remanded in police custody until they would be able to meet their bail conditions.