Addosser Microfinance Bank, located on Lewis Street, Lagos Island, has taken three men to court over their alleged failure to produce a borrower who secured a N17.7 million loan with their guarantee, but subsequently absconded.
The defendants, 59-year-old Adesokan Olusoji, 43-year-old Mutairu Yusuf, and 32-year-old Onyejeaka Emmanuel, reportedly stood as guarantors for their colleague, Muyideen Moruf, who obtained the loan in May 2025 but allegedly disappeared shortly after receiving the funds.
According to the police, the bank made several attempts to reach Moruf without success, as his phone numbers became unreachable.
Concerned about the loan’s non-repayment, the bank petitioned the Assistant Commissioner of Police at Area A Command, Lion Building, Lagos, who instructed operatives to arrest the guarantors.
The three were subsequently arraigned before the Igbosere Magistrate Court sitting at Tinubu Square area, on a four-count charge, including conspiracy, obtaining money by false pretence, and issuing dud cheques.
Police prosecutor, Inspector Gbenga Salami, informed the court that the guarantors knowingly endorsed Moruf to obtain the loan with a promise that it would be repaid, but failed to fulfil their obligation to ensure his compliance or produce him after he fled.
Salami added that, under the law, guarantors may be held liable when a borrower absconds, as their signatures facilitated the release of the loan.
The offences contravene Sections 411, 315, 321 and 287 of the Lagos State Criminal Law, 2015.
The case was adjourned while the court considers the charges against the defendants.