How A Microfinance Bank Stole 100million Naira from Abuja based Designer – Seyi Vodi

Abuja based fashion designer took to social media recently to lament concerning how a Microfinance bank duped him of 100million naira via its staff. According to Seyi Adekunle aka Seyi Vodi …..In 2018 I lost over 100million Naira to Fortis Microfinance bank. A foremost Microfinance bank in the country with over 80 branches in 23 states under the watchful eyes of the Central Bank of Nigeria (CBN). In march 2019, a year after futile attempts to get my hard earned money back, I wrote a petition to the EFCC.

Meanwhile in 2010, I had acquired 1 hectare of land (10,000 square meters) in Gwagwalada, with the vision to build a garment factory that will engage about 5,000 workers for the purposes of local consumption and export. This would have been of great advantage as Gwagwalada is a university community where we can engage and train students during holidays and when school activities are low.

If CBN was not careless and complicit in its oversight function, I am sure the factory would have been up and running not only in engaging these youths through direct and indirect employment, but also will have supported in no small way in the fight against Covid-19 presently.

My experience was painful, I had to start all over again. It caused a major set back in my entrepreneurial journey so far, I was frustrated, depressed and disappointed. However, I am undeterred to set up a garment factory in the future.

The project then was estimated to cost 400million Naira and the 100million which was deposited was in anticipation to show that we have the capacity to repay any loan incurred to support the project.

Fortis Microfinance bank was listed on the stock market in 2012 and became a national bank with CBN’s approval. That’s why many foreign banks and other major investors brought billions including AFDB and they stole it all. So how can they not see that the real money was being stolen while fake figures were presented to the Nigerian public and foreign investors?

Why was NDIC insuring deposits that were not there but they kept assuring unknown public that their deposits were safe for years?

Under the CBN deputy governor’s office, the following persons were appointed as interim management team for Fortis Microfinance bank:

Bunmi Lawson- Interim Managing Director by CBN

Chika Okey-Nwagwu-CBN

Ajewole Olusola -CBN
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Rebecca Sheyin- NDIC

Victor Emerson- chief legal of Fortis Microfinance Bank.

The founding directors, Deji Fisho, Kunle Oketikun (Alleged to own mutual trust Microfinance bank), Hon Henry Nwaoba of federal house of Assembly from Imo State were all implicated in my petition to the EFCC. .

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Over 100,000 persons lost money to these people. Naira 17 Billion was alleged to have been stolen under the watchful eyes of CBN. .

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I resolve to using this medium and other mediums including going to court (if need be), which is the hope of the common man…..I have been threatened that no one takes an agent of the government to court in Nigeria and gets justice thereby leaving one with no option. .

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In conclusion, this is one experience among so many that hinders the growth of the private sector in nigeria. During this period, I have engaged in talks with so many of my colleagues and business leaders across the country, them sharing their crazy experiences shows what alot of businesses go through to survive. Funds are not readily available to advance the cost of entrepreneurship in the country rather different government agencies at one point or the other come up with policies to worsen the existing bottleneck. .

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I worked very hard to raise that money with the noble intention of contributing my quota in nation building by producing for local consumption and more importantanly for export purpose. A solely consuming and importing nation cannot have a strong and reliant economy. Exportation is a key factor in building a strong economy and this cannot be achieved without the full support of the government in championing the cause of pushing her products into the foreign market.

Is this the final submission, I am not writing to gain sympathy or pity, I am only putting this down for posterity sake.