A 38-year-old microfinance bank employee, Abubakar Ahmed, on Tuesday appeared before an Iyaganku Chief Magistrates’ Court in Ibadan for allegedly stealing N8 million from his employer.
Ahmed, whose address was not provided, is standing trial on a one-count charge of stealing, to which he pleaded not guilty.
The prosecutor, ASP Sikiru Ibrahim, told the court that the defendant committed the offence between 2024 and November 2025 at the Oke-Bola area of Ibadan.
According to him, Ahmed stole the sum of N8 million belonging to Modern Concept Financial Services.
Ibrahim said the defendant collected money from clients on behalf of the financial institution but failed to remit the funds to the microfinance bank.
He added that the offence contravened Section 390(6) of the Criminal Code, Laws of Oyo State, 2000.
The Magistrate, Mr Moshood Mudashiru, granted the defendant bail in the sum of N2 million with two sureties in like sum.
Mudashiru ruled that one of the sureties must have a minimum of N5 million in his or her bank account.
He thereafter adjourned the case until March 18 for hearing.