BREAKING NEWS: PCCACC Arrested Jigawa Saving and Loans MD, Babandi Isa Gumel for N800 Million Misappropriation Scandal
By Editor In-Chief
Public Eye News
Date: Thursday, May 22, 2025
DUTSE, JIGAWA STATE – In a significant development shaking the financial sector in Jigawa State, the Managing Director of the Jigawa State Microfinance Bank, Alh. Babandi Isa Gumel, has been arrested by the Jigawa State Public Complaints and Anti-Corruption Commission (PCCACC) over damning allegations of misappropriating funds exceeding a staggering N800 million.
Sources within the PCCACC have confirmed to Public Eye News that Alh. Gumel was taken into custody on Wednesday evening in Dutse. He is currently being detained and is said to be cooperating with investigators as they delve deeper into the complex financial transactions that led to these serious accusations.
The Jigawa State PCCACC, a relatively new but increasingly assertive anti-graft agency inaugurated in February 2024, has been making strides in its mandate to ensure transparency and accountability in public office. This high-profile arrest underscores the commission’s commitment to tackling financial misconduct, irrespective of the position held by the accused. The commission has been actively seeking collaborations with federal anti-corruption bodies like the Economic and Financial Crimes Commission (EFCC) to bolster its investigative capabilities.
Alh. Babandi Isa Gumel is a prominent figure in Jigawa State, he has notable history in public service. He previously served in different capacities before his appointment as the managing director of the Jigawa State Microfinance Bank.
The alleged misappropriation of such a substantial sum from a state-owned microfinance bank raises serious concerns about the security of depositors’ funds and the overall health of an institution designed to empower small and medium-scale enterprises and alleviate poverty at the grassroots level. Financial experts suggest that such incidents can severely erode public trust in microfinance institutions, which play a crucial role in Nigeria’s economic development, particularly in rural and underserved communities. The consequences often include damage to the institution’s capital base, reduced capacity to lend, and a chilling effect on financial inclusion efforts.
The PCCACC has indicated that once its comprehensive investigation is concluded, full details will be made available to the press. At that juncture, a decision will be rendered on whether to formally arraign Alh. Gumel in court or grant bail, contingent upon the evidence unearthed during the probe.
Public Eye News is closely monitoring this developing story and will provide updates as more information becomes available. This arrest signals a pivotal moment for the Jigawa State PCCACC and serves as a stark warning against corruption within public and financial institutions. The outcome of this investigation will undoubtedly have far-reaching implications for the fight against financial crime in Jigawa State and potentially beyond.
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