EFCC arraigns insurance broker for alleged diversion of N10.2bn

The Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned a director of an Insurance Broking firm,  Abiodun Hassan before Justice Sylvanus Oriji of the FCT High Court, Apo, for alleged misappropriation of over a N10.2billion, of defunct PHCN.

Hassan was arraigned alongside his company, Best worth Insurance Brokers Limited, on alleged misappropriation of fund.

The defendants were arraigned on a five-count charge bordering on criminal breach of trust and cheating.

The News Agency of Nigeria (NAN) reports that Hassan is the first defendant in the suit marked: FCT/HC/CR/021/2021, while the company, Bestworth Insurance Brokers Limited is the second defendant.

In the charge, the prosecution alleged that the sum of N26.2billion was entrusted to the defendants by the Central Bank of Nigeria, ( CBN), being an insurance claim for defunct Power Holding Company of Nigeria (PHCN), the deceased and incapacitated staff.

The prosecution in the charge also alleged that, at various times, the sum of N2.5billion, N1billion, N118million, N30million and N6.6billion were misappropriated from the N26.2billion by the defendants.

Read Also:BREAKING: Senate confirms Bawa as EFCC chairman

After all the counts were read to him, Hassan pleaded not guilty.

The EFCC counsel, Benjamin Manji, prayed the court to remand him in custody pending the determination of the matter.

Hassan counsel, Adeolu Salako however, informed the court that he had a motion for bail for his client before it.

Salako, also urged the court to allow him to be kept at the EFCC custody while praying the court to grant his application for bail.

Justice Oriji, however, adjourned the matter until March 4, for the hearing of the motion for bail. (NAN)