Four individuals were brought before the Yaba Magistrates’ Court on Friday, facing charges of defrauding their employer, Think Finance Microfinance Bank, of N150 million in the FESTAC Town area of Lagos State.

The defendants, including the Head of Risk Management, Ojimi Ayodeji, Loan Officer Isaac Eddy, Joseph Setonji, and Juwon Irinyemi, were arraigned before Magistrate Patrick Nwaka on three counts of theft.

According to the prosecutor, Thomas Nurudeen, the defendants conspired to borrow money from the bank using fake identities, resulting in a total of N150 million that was shared among them without interest and was never repaid.

The defendants pleaded not guilty, and the court granted them bail in the sum of N2 million each with four responsible sureties. The case is adjourned until August 16, 2023.