Nigerian bank manager arrested for allegedly stealing N650 million from 35 customers

This development follows shortly after a court sentenced Nwachukwu Placidus, a former manager of a well-known bank in Onitsha, Anambra State, to 121 years in prison for embezzling N112 million from a customer.

Manager, accomplices to be arraigned

According to Punch, Yemisi Opalola, the command’s spokesperson, said that Talabi committed the fraud by deceiving the victims and siphoning the funds through an illicit method known as proof of funds.

The statement partly read:

“The Osun State Police Command in its efforts to rid off criminal elements from the state has arrested a serial fraudster, one Adeniyi Sunday Talabi, ‘m’ 47 years, a resident of Army Barracks Area, Kelebe, Iragbiji Road, Osogbo, a manager in one of the First Bank PLC branches in Osogbo for an offence of fraud, Obtaining money under false pretence (OBT), Conversion and Stealing amounting to the sum of N650, 850,000 in an illegal product called PROOF of FUNDS which involved a total number of 35 victims (people).”

Opalola mentioned that the bank has suspended Talabi and that the investigation is progressing well.

She also stated that Talabi and his accomplices will face charges in court once the investigation is concluded.

She added that the state Commissioner of Police, Mr. Mohammed Umar, has reaffirmed the command’s dedication to eliminating criminal activity within the state.

She cautioned criminals that Osun will not serve as a refuge or hiding place for them.

In a previous report, Legit.ng reported that a former staff of Stanbic-IBTC Bank, Ajayi Olusola, was arraigned in court by the police for allegedly defrauding the bank of N205 million.

According to FITC’s “Report on Frauds and Forgeries in Nigerian Banks”, only 20% of Nigerian bank employees implicated in fraudulent activities were dismissed in 2023.