STAFF JAILED, CLIENTS ENSLAVED: LAPO MICROFINANCE FINANCE BANK EXPOSED IN WEB OF FRAUD, PREDATORY LENDING & REGULATORY FAILURE
In a scandal that exposes deep rot within one of Nigeria’s largest microfinance institutions, LAPO Microfinance Bank (MfB) finds itself engulfed in crisis. The recent jailing of staffer Abiodun Mayowa David for embezzling ₦1 million via an unapproved “self-loan” is merely the tip of the iceberg in a chilling saga of pattern of institutional malpractice,…