A 29-year-old banker, Martins Odueko, was on Friday brought before an Ikeja Chief Magistrates’ Court over allegations of diverting N132 million belonging to a microfinance institution.
We gathered that Odueko, who lives at 14 Horticp Way, Command, Lagos, faces charges bordering on obtaining money under false pretence and stealing.
According to the Prosecutor, ASP Adegoke Ademigbuji, the alleged offences took place between May and August 2025 at Renmoney Microfinance Bank, located along Oke Odo, Abule Egba Road, Lagos.
Ademigbuji told the court that the defendant secured N132 million from the bank on the claim that he would disburse the funds as loans to approved traders. He alleged that Odueko failed to release the money to the applicants and instead channelled the funds for his personal benefit.
The prosecutor noted that the offences violate Sections 280 and 314 of the Lagos State Criminal Law of 2015.
The defendant entered a not-guilty plea.
Chief Magistrate Mrs O. A. Odubayo granted Odueko bail in the sum of N2 million, with two sureties in the same amount, and adjourned the matter to Dec. 17 for mention.
