An employee of a Lagos-based investment company, Bello Samuel, has been arraigned before the Federal High Court in Lagos for allegedly diverting a staggering N90 million from his employer's coffers for personal use.
Samuel was brought before the court by the Police Special Fraud Unit on charges of conspiracy and money laundering. According to the PSFU, the suspect, who worked in the company's finance department, executed an "insider scheme" to fraudulently convert the funds.
PSFU spokesperson, Mr. Ovie Ewhubare, stated in a release that following a formal complaint, investigations were initiated. "Upon realising the fraud had been uncovered, Samuel allegedly absconded from Lagos with members of his family to an unknown destination, cutting off all means of communication in an attempt to evade arrest," Ewhubare said.
The manhunt spanned several South-West states before Samuel was eventually tracked down and apprehended in Oye-Ekiti Local Government Area of Ekiti State. Further investigations revealed that the suspect "habitually laundered the proceeds of the fraud through the bank accounts of friends and relatives to conceal the source of the funds."
While Samuel has been charged to court, the PSFU confirmed that investigations are ongoing to arrest other persons allegedly involved in the crime.
The Commissioner of Police for the PSFU, Mr. Kayode Ojapinwa, reaffirmed the unit's commitment to fighting financial crimes. He also issued a stern advisory to corporate organizations, urging them to "strengthen internal control mechanisms, particularly in monitoring employees, to curb insider-related abuses."
This case follows the recent conviction of a former Lagos State education director for stealing nearly N49 million from a bank, highlighting continued vigilance against financial crimes within institutions.
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