HAS AB MICRO FINANCE BANK JOINED THE ADVANCED FRAUD MICRO FINANCE BANKS?

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When the central bank granted the micro finance banks funds for the ability to provide loans to the populace it was welcomed with great applause. But little did we know that most of the big boys in those Banks will turn around to start using the money for themselves and their close friends.

But what is very baffling is that, they allow people to come in, submit documents, do investigation over your documents claims and all that and it ends there. It has come to our notice that most (if not all) Micro finance banks are running fraud. When we say fraud, we mean big time fraud.

But our worry now is this? "Has AB Micro Finance Bank joined the soiled ones?

Why do we say this?...It has come to our glaring notice, that AB Micro Finance Bank might have a pattern of operating their own fraud so that the Central Bank does not get suspicious of it.

Below is how the operation is being carried out.

As by the requirements and criteria as set out for them by the central bank, these Micro finance banks are supposed to grant loans to market women or men of low financial capabilities within one week or two, with funds ranging from N10,000 to maximum of N5,000,000 to assist them grow their businesses. As set out for them also, the Micro finance banks are to report to central bank the number of persons loan have been given, the total amount as granted.

But this is where the fraud comes into play:-

The Micro finance banks open their doors for you. Receives you well, and even give you a cup of tea to drink. They will make a promise to you what once all your documents are submitted, and investigated to be true; you will get the loan in a week or two.

Once your documents are submitted, that is the end…NO LOAN.  The Micro Finance Bank will start turning you round and round and round till you get tired of going there and you stop. So what happens to the documents you submitted?

Meanwhile, the report getting to us is that your documents were actually submitted to the central bank and your loan has been marked as granted. If the loan has been marked as granted, then who gets the loan?

Who are the Micro Finance Banks giving the billions the central bank gave them to assist the poor with as loan incentives to aid their small businesses? Who gets all the money for the business at the end of the day? We will tell you in a moment.

The poor and the needy persons submit all the documents, plenty of them that when you put them together, if the loan were granted, it will run into billions. These documents presented are submitted to the central bank stating that these individuals have been granted the loan but it was all a lie as they never got it. Who gets it then? The security officer at a Micro Finance Bank in Ogunlano drive (Not AB) has the true story to tell you.

As said, in one of the Micro finance banks we visited on Ogunlano drive in Surulere, we met just two staffs there. Can you imagine it? Two staffs running a bank!. Coincidentally, the security guard we met there happened to be an old friend from school, and is a full quote of what he said (word by word).

"Ol boy make una no just bother una selfs say una deh come here deh find loan. na wayo dem deh do here. Even in other micro finance, dem security officers say na the same thing. The Oga dem deh collect all the money give them rich man friends to do their own business. I just deh pitty these poor women weh deh come here say dem deh find loan.

 

Na their documents Oga deh submit to govment as the people whe dem give the loans but at the end of the day, the whole money are given to Oga dem big friends to do their own billion billion business".

That was how we stopped from going to that micro finance bank at ogunlano (their name is withheld)

But why are we writing about this? Why we are particular about AB Micro Finance Bank? This is because they were rated to be the most honest and that they give the loan. But we have been investigating on our own and following the reports of most market women applying for loans at the Ajegunle branch of the bank and the story is pathetic and not the outside world is made to believe

Here are a few examples. Names of persons here have been changed.

Mama Linda: My brother, I don tire o, but I no fit talk. I don deh come for this N30,000 matter for the past 3 months. When I first start to deh come, dem tell me say, I go get am within one week. but na 3 months be this, money I no see and dem keep telling me, come today come tomorrow.

Mama Urue: Dem say make we deh come na...ehen I go deh come until na dem self go tire to see my face. Dem hold my documents and one week don enter 4 months. (when asked how much she is applying for). Na N42,000 I been tell dem o

But the third woman has something a little different to say.

Oluwakemi: Na the person dem weh wan do guarantee me, deh hold the loan o. The person weh wan surety me nev er gree show up. Maybe once he show up and sign, dem go give me. Dat one na the delay weh hold the loan for me now. I just deh pray sha

So we drove down to the branch and Itire road to do more of these investigations and the people we met there have not much different story.

Mama Eyor: Ma broda. dem tell me say my "jurisdiction" no reach this branch. I no come know wetin concern me concern "jurisdiction". Na loan I ask them to give me, not jurisdiction.

Mr. Ukamn, is another victim of come today come tomorrow. He submitted all documents as required and has been going then and calling them but to no avail. Hear him.

Mr. Ukamn: See, this people are mad. One way or the other, I am suspecting fraud. I have been telling them to return my documents in all original forms as submitted, but they are not giving me. I first applied for loan here before they sent me to Ajegunle branch telling me that is my jurisdiction. What f**k. But I went all the same. Submitted all the shit, they told me to.

But can you believe I have been on this turn, turn, turn for 5 months now? They keep telling me they will come to my office today, they will come tomorrow. They don lie so tey, they don’t know what to tell me again. That stupid marketer, I will burst his brain, I swear. Can you imagine all I have spent pursuing this loan? All the time I have wasted? (when we asked how much he is asking for…). Just N1,200,000. If they are not giving, let them tell me and let my documents be returned. Or is something going on here that we don’t know about?

There is one popular Nigeria actor who we got to know and meet on our line of investigation over this loan issues and this is what we heard.

"Em, I was actually looking for funds to complete a business I have stranded in Abuja which I have invested a lot of money into over there. So someone introduced me to AB Finance. When we came, they told me that I they cannot grant me loan as the loans were not meant for running of contracts, but for businesses that are on ground and can be seen. So I was advised to look for someone who can surety me and has a business in Lagos and then we can use the persons business as fronting. I did as we were told submitted documents and for the past 6months now, they kept turning me and turning me up and down".

So our question now is this, has AB Micro Finance Bank joined in the fraud?

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