Staco Insurance, CEOs Charged To Court Over N200m Fraud
One of the leading insurance company I’m Nigeria, Staco Insurance Plc alongside its former and current Chief Executive Officers, Sakiru Oyefeso, Bayo Fakorede have been dragged before a Federal High Court, Lagos, over alleged N200 million Fraud.
Also charged before the court is the Staco’s Executive Director in-charge of Management Services, Tayo Ajibulu.
Staco Insurance Plc and its CEOs and director were charged before the anti-fraud section of Lagos State Police Command.
The police stated that the insurance company and its CEOs and executive director committee the offences between July and August 2017.
To carry out the alleged fraud, the police stated that all the defendants conspired among themselves and fraudulently obtained the sum of N200 million from a company named Growth and Development Asset Management Limited (GDA on the pretence that the money would be used for investment purposes.
The police also stated in the charge that when the defendants failed to utilized the N200 million for its intended purposes, they equally failed to refund the money to the complainant.
The defendants were alleged to have on March 12, 2018, issued cheques from United Bank for Africa (UBA), the defunct Diamond Bank and First Bank Plc, to the alleged fraud victim, but were dishonoured for lack of insufficient funds.
The defendants’ actions according to the police are contrary to Section 8 (a), 1(1)(a)(c), 1(2),1(1)(a)(b) of the Advance Fee Fraud Act 2006 and punishable under Section 1(3) 1(1)(b) of the same Act.
At the scheduled arraignment of the defendants, last Monday, all the defendants were in court except the current Chief Executive Officer, Mr. Bayo Fakorede, who was said to be sick.
Fakorede’ counsel, Olushina Sofola (SAN), told the court that his client took ill on Sunday and he was rushed to the hospital for treatment.
The prosecutor, Mrs. Ibijoke Akinpelu, while objecting to the adjournment request of Fakorede’s counsel, told the court that the matter was adjourned for that day for the arraignment of all defendants have been duly served with the charge and that the second defendant (Fakorede) was fully aware that the matter is fixed for arraignment.
Akinpelu also told the court that the second defendant (Fakorede) has not been in court since that charge was before the court about six months ago, adding that all adjournment have been at the instance of the second defendant.
The prosecutor, therefore, asked the court for a short date if the court is mindful of conceding to the defendant’s request for adjournment.
Following the submissions of the party, the court adjourned the matter till November 7, for the arraignment of the defendants.
