4 Arrested over theft of employers’ N40m

Oct 11, 2011 – 4 people were yesterday arraigned before an Ikeja High Court by the Economic and Financial Crimes Commission (EFCC), for allegedly stealing N40 million belonging to their employers.

The EFCC, which alleged that they stole the sum of N40 million from Itura Ventures Limited, and Ajoke Stores Limited, Gbagada, Lagos, arraigned them on a three-count charge of conspiracy, forgery and stealing.

The accused persons are: thirty-year-old Kayode Ajayi; Kilani Idowu, 30; Subair Fatai, 31; and Lucas Ajayi, 30.

The EFCC prosecutor, Mr. Emmanuel Jackson told the court that the four accused persons had, between August 2008 and May 2010, fraudulently converted the sum of N40 million to their own use.

The offences, according to him, contravene Sections 383(1), 390 (6), 438 (b) and 516 of the Criminal Code Laws of Lagos State of Nigeria, 2003 (as amended).

Jackson alleged that the accused persons conspired with Kayode Ajayi, who was an accounts clerk, to perpetrate the fraud by making false entries into the companies’ books and altering accounts documents.

The four accused persons pleaded not guilty to the charges and were remanded in the Kirikiri Maximum Security Prisons.

Justice Akinlade, the presiding Judge, adjourned the matter till November 14 for trial.