Bank Drags Three Guarantors To Court Over Alleged N17.7m Loan Default

BY PAUL IYOGHOJIE

The management of Adosser Micro Finance Bank, Lagos have dragged three guarantors  to Court for allegedly standing as guarantors for one Muyideen Moruf now on the run to obtain the sum of N17,710,000 from the bank as loan, escaped and failed to repay the loan.

Police alleged that trouble started for the defendants, Adesokan Olusoji, 59, Mutairu Yusuf, 43 and Onyejeaka  Emmanuel, 32 when they went to the Adosser Bank to stand as guarantors for their colleague, Muyideen Moruf to borrow the N17,710,0000 with the promise that he would repay the loan as agreed and would not abscond with  its  money.

Police said that after the Moruf allegedly received the money, he fled with the money and that when the management of the bank waited for him to repay the loan since May, 2025 without success and his phones numbers were no longer going through, they decided to petition the Assistant Commissioner of Police, ACP incharge of Area A Command, Lion building, Lagos who directed his men to arrest the defendants.

The defendants were charged before the Igbosere Magistrate’s Court sitting at the Tinubu Magistrate’s Court on a four count charge bordering on obtaining money by false pretence and  Issuance of dud Cheques.

Police prosecuting Counsel, Inspector Gbenga Salami told the Court in the charge marked A/09/2025 that the defendants committed the offence on 20 May, 2025 at Adosser Micro Finance Bank located at 32, Lewis Street, Lagos Island, Lagos.

Salami informed the court that the defendants signed as guarantors for their colleague, Muyideen Moruf now on the run to obtain the sum of N17,710,000 from the complainant with promise that he would repay the loan as agreed, but that the borrower took flight after he received the loan.

He said that the defendants were arrested and charged to court for failing to produced the man they stood as guarantors for to obtain the loan and for them  to pay the money back to the bank.

Salami said the offences, the defendants committed were punishable under sections 411,315,321 and 287 of the Criminal Law of Lagos State, 2015.