Former Baobab Microfinance Auditor jailed for embezzlement

A Tamale High Court yesterday passed its final verdict on the case between the Republic versus Awudu Abass. The court presided over by Justice Jerome Noble Nkrumah sentenced Mr. Awudu Abass, a former Internal Auditor of Baobab Microfinance Company Limited to refund the Ghc72,000 he embezzled during his stay with the company or in default serve five years in prison.

Mr. Awudu, 37, was first employed by Baobab Microfinance Company Limited in 2009 as an Assistant Accountant of the company. He was later elevated to the position of an Internal Auditor but was still allowed to have access to the data and key information of clients.

Mr. Awudu however took advantage of his elevation and started opening ghost accounts, pay in money and later withdraw multiples of the said amounts from the ghost accounts.

The Microfinance Company in 2012 realized that an amount of GHc159,000 had gone missing which prompted Management of Baobab to seek the services of external Auditors to ascertain the whereabouts of the missing monies.

After auditing the balance sheets of Baobab Microfinance, it was revealed in the findings that Mr. Awudu Abass alone siphoned GHc159,000. He later paid back only GHc82,000 after he was arrested. Mr. Awudu after some time was reluctant in settling the remaining balance.

Management of Baobab, led by Mr. Sulemana Mansisu sent the case to court. Principal state attorney, Mr Salia Abdul Kudus speaking to North Star news after the final verdict said Mr Awudu was convicted for stealing. He said the court found Mr. Awudu guilty on 834 penalty units or in default serve 5 years in prison.

On his part, the Managing Director of Baobab Microfinance Company Limited, Mr. Sulemana Mansisu said the criminal act by its former Internal Auditor could have crippled the operations of the company and other small-scale businesses by women who save at the company.

Mr. Mansisu has, however, assured customers of the company that concrete measures will be put in place to prevent future occurrence.

Boabab Microfinance Company Ltd provides financial support for individuals, groups and organizations in the northern region. It also lends low-interest loans to women in petty trading within its catchment area.