Bank Managing Director bags two years for stealing N250,000

An Okitipupa Chief Magistrates’ Court on Thursday sentenced the managing director of a microfinance bank,  Augustine Elegbeleye, 34, to two years in prison with hard labour for stealing N250,000.

Chief Magistrate Olalekan Agunbiade found him guilty on a one-count charge of stealing, and convicted him accordingly, without an option of fine.

Elegbeleye, who had no previous convictions, showed remorse and pleaded for leniency.



He was said to have committed the offence between 2008 and 2010 at Microfinance Bank, Irele, in the Okitipupa Magisterial District, by withdrawing a sum of N250,000 from the account of one Ogunyemi Ogunleye.

Police prosecutor, Zechariah Orogbemi, said the convict who was the managing director of the bank, withdrew the said amount without the consent of the owner of the account.

The convict had earlier pleaded ‘not guilty’ to the charge and was granted bail in the sum of N300,000 and one surety.

The prosecutor called four witnesses while the defense counsel, Mr. Emmanuel Akanbi, called one defence witness. 2 years in hard labour for stealing N250,000 what about others who steal billions, what sentence do they get? #thinkingaloud