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The Economic and Financial Crimes Commission (EFCC) Tuesday arraigned three defendants, Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu before the Lagos state High Court sitting in Ikeja over alleged conspiracy, stealing and dishonest conversion of N276.8 million belonging to Alico Insurance Plc.
They were arraigned before Justice Ismaila Ijelu on a four-count charge bordering on conspiracy to steal and dishonest conversion of monies paid by insurance premium subscribers for the purchase of insurance policies.
The EFCC prosecution said the alleged offences were committed between January 2023 and May 2024 in Lagos.
One of the counts reads: “Adekunle Atanda Abiodun between the months of January, 2023 and May, 2024 at Lagos within the jurisdiction of this Honorable Court dishonestly converted the sum of N219,080, 335.11 to your personal use, being payments for purchase of insurance premium by insurance premium subscribers, property of Alico Insurance Plc.”
This offence is contrary to section 285(1). (9)(b) and (c) of the criminal Law of Lagos State No. 11 of 2011.’’
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