The defendants are accused of conspiring to dishonestly convert funds paid by insurance subscribers to Alico Insurance Plc. The court ordered them to surrender their international passports and barred them from travelling outside Nigeria pending trial.
The Economic and Financial Crimes Commission (EFCC) has arraigned three men over the alleged fraudulent conversion of ₦276.8 million belonging to Alico Insurance Plc before the Lagos State High Court sitting in Ikeja.
The defendants, identified as Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu, were arraigned on a four-count charge bordering on conspiracy, stealing and dishonest conversion of funds allegedly paid by insurance subscribers for the purchase of insurance policies.
According to the charge, the alleged offences occurred between January 2023 and May 2024 in Lagos.
More Read
The prosecution alleged that the defendants conspired to dishonestly convert funds collected from insurance subscribers for the purchase of insurance premiums, which allegedly belonged to Alico Insurance Plc.
Count one of the charge accused the three defendants of conspiring to commit a felony by dishonestly converting the funds, contrary to Section 441 of the Criminal Law of Lagos State No. 11 of 2011.
In count two, Adekunle Atanda Abiodun was specifically accused of dishonestly converting ₦219,080,335.11 to his personal use during the period covered by the charge.
More Read
The prosecution alleged that the money was paid by insurance subscribers for the purchase of insurance premiums belonging to Alico Insurance Plc. The allegation was brought under Section 285(1)(9)(b) and (c) of the Criminal Law of Lagos State No. 11 of 2011.
Following the defendants’ pleas, EFCC counsel, Rilwan Abdulrasheed, urged the court to remand them in a correctional facility pending the hearing of their bail applications and to fix a date for the commencement of trial.
However, counsel representing the first and second defendants informed the court that their clients had filed bail applications and urged the judge to grant them bail on liberal terms.
After considering the applications, Justice Ismaila Ijelu granted each of the defendants bail in the sum of ₦10 million, with two sureties in like sum.
The court stipulated that the sureties must reside in Lagos State and be gainfully employed.
Justice Ijelu further ordered the defendants to deposit their international passports with the Chief Registrar of the court and barred them from travelling outside Nigeria while the case remains pending.
More Read
The judge also directed that the defendants be remanded in a correctional facility until they fulfil the bail conditions imposed by the court.
The case was adjourned until November 16, 2026, for trial.
The allegations against the defendants are yet to be determined by the court, and the case will proceed to trial.
