A Lagos-based investment company employee has been arraigned before the Federal High Court in Lagos for allegedly diverting about 90 million naira ($—) from the firm’s account for personal use, police said Tuesday.
The suspect, Bello Samuel, was charged by the Police Special Fraud Unit on counts of conspiracy and money laundering. Police said Samuel worked in the company’s finance department and allegedly carried out the fraud through an insider scheme.
According to a statement by the unit’s spokesperson, Ovie Ewhubare, Samuel was accused of fraudulently converting company funds for his personal benefit.
Following a formal complaint by the company, investigators launched a probe into the alleged diversion, Ewhubare said. He added that Samuel allegedly fled Lagos with members of his family after the fraud was uncovered, cutting off communication in an attempt to evade arrest.
Police said the investigation was extended to several states in southwestern Nigeria before Samuel was arrested in Oye-Ekiti Local Government Area of Ekiti State.
“Further investigation revealed that the suspect habitually laundered the proceeds of the fraud through the bank accounts of friends and relatives in order to conceal the source of the funds,” Ewhubare said.
Police said Samuel has been formally charged, while investigations are continuing to identify and arrest other individuals allegedly linked to the scheme.
The Commissioner of Police in charge of the Special Fraud Unit, Kayode Ojapinwa, reaffirmed the unit’s commitment to tackling financial crimes and urged corporate organisations to strengthen internal control and monitoring systems to prevent insider-related abuses.
Financial crimes linked to insider dealings remain a recurring challenge in Nigeria. In January, a Lagos court sentenced a former state education official to more than two years in prison for stealing nearly 49 million naira from a commercial bank after he was convicted on theft charges.
