EFCC Charges Three with N276.8m Fraud Against Alico
The Economic and Financial Crimes Commission (EFCC) arraigned three defendants, Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola, and Obinna Adolphus Nwosu, before the Lagos State High Court in Ikeja. They face charges of conspiracy, stealing, and dishonest conversion of N276.8 million belonging to Alico Insurance Plc.
The arraignment occurred on a Tuesday before Justice Ismaila Ijelu, with the defendants facing a four-count charge related to the alleged offences committed between January 2023 and May 2024 in Lagos. One specific count alleges that Adekunle Atanda Abiodun converted N219,080,335.11 to personal use, which was intended as payments for insurance premiums by subscribers, thus constituting a violation of section 285(1)(9)(b) and (c) of the Criminal Law of Lagos State No. 11 of 2011.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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