Stella Dimoko Minister O fFinance Adeosun Says Microfinance Banks Are Now Being Used As Conduit For Corruption.


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Tuesday, March 14, 2017

Minister O fFinance Adeosun Says Microfinance Banks Are Now Being Used As Conduit For Corruption.

The federal government has observed some suspicious transactions by fraudsters and some civil servants to siphon money using the micro finance banks in the country.

In a letter addressed to the Governor, Central Bank of Nigeria, Godwin Emefiele, the Minister of Finance Mrs Kemi Adeosun strongly solicited the cooperation of the CBN, in extending the requirement for Bank Verification Number (BVN) to account holders in Microfinance Banks (MFBs), to facilitate the detection of bank accounts which might have been opened and operated in such banks for ghost workers by fraudulent syndicates.

She said that the introduction of the Bank Verification Number by the CBN has contributed immensely in improving the integrity of the Federal Government payroll on which more than 50, 000 ghost workers were detected and removed.

A statement from the finance ministry signed by Director Information, Salisu Na’inna Danbatta, Mrs. Adeosun stated that operating bank accounts in Microfinance Banks without requirement for BVN has left a huge loophole which individuals, intent on financial crimes, could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies. 

Mrs. Adeosun referred the CBN Governor to the discovery that, prior to the deadline for obtaining the BVN, the movement of a large number of salary accounts of Federal employees from commercial banks to Microfinance Banks, was observed. 

“This is a suspicious activity and we have already commenced a review of such cases to identify and investigate any cases of fraud,” the Minister explained.


  1. Stella be like say you no like this woman. Give us fine picture of her na. See her pancake face. Old mama youngie.

    Shout out to our lovely sister in the Church who is 50 years today. Looking sweet, looking yori yori like me. Thank God for bringing your man in canada after your marraige packed up. God keep you. We are going to boogie it this Sunday.

    Shout out to all women who are 50 years old. God will continue to keep you all Amen.

  2. Total elimination of corruption in any part of the world is not gonna be possible, in a country like nigeria where things are not organised, it's gonna be a tougher war. The way out is for senior executives to be held personally responsible for any illegal transactions.

  3. I wonder why she is just realising this. Most people know that microfinance banks are mostly used for corrupt practices. Have u ever wondered who owns them?

  4. As much as I don't like her I think it's really true cos these days u see micro finance banks springing up left, right and center and I'm wondering what money they have to even set up a bank

  5. Thunder fire this foolish woman, in which state precisely, cos in my own state we are lookin for deposit. Maybe it's in the north.


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