The Oyo State Police Command said on Thursday that at least 10 suspects have been arrested for operating an illegal micro finance bank, STAAGMART Nigeria Limited, in Lagos.

The policemen recovered a cash sum of N961, 375 from the suspects. Other items recovered from the suspects were Staagmart Nigeria Limited documents, certificate of incorporation and charms.

According to the police, the bank is located  at D69 in Oyingbo area of Lagos.

Parading the suspects at the Oyo State police command headquarters, the state Police Commissioner, Shina Olukolu said the suspects were apprehended following a tip-off that some hoodlums suspected to be armed robbers lodged at S.L Hotel in Boluwaji area of Ibadan.

According to Olukolu, operatives from the Command led by ASP Muhammed Jamiu, swung into action and arrested the suspects.

About the bank: According to the police commissioner, one of the suspects, who claimed to be the Chief Executive Officer of STAAGMART Nigeria Limited, said the micro finance bank is located in Lagos but operates in Lokoja, Kogi State capital.

The suspect said: “The company is a financial institution and gives soft loan to customers. The customers are expected to invest N30,000 and above to be entitled to 10% of the total money invested within five days.”

Olukolu said the suspects after receiving a huge unspecified amount of money from customers in Lokoja absconded with the money to Ibadan and lodge at S.L Hotel  where they were arrested.