Former Sterling Bank PLC acting branch manager Oliver Anidiobi was sent to prison pending a hearing for his bail application in connection with an alleged 187 million Nigerian naira fraud, Business Post Nigeria reported.

Anidiobi is reportedly facing a 32-count charge bordering on forgery and stealing from OHHA Microfinance Bank, where he also held the role of account relationship officer. According to investigations by the Economic and Financial Crimes Commission, Anidiobi allegedly used his position to convince the microfinance bank to deposit the money to Sterling Bank with a letter of instruction.

He purportedly forged a fixed deposit certificate as evidence of investment and then diverted a total of 187 million naira in installments for his own personal use, according to the May 8 report.

The microfinance bank became aware of the deception after trying to liquidate the deposits and discovered that there was no record of the transactions in the system, the report said.

Anidiobi pleaded not guilty to the charges, Business Post said.

As of May 7, US$1 was equivalent to 360.35 Nigerian naira.