A Lagos-based employee has been arraigned before the Federal High Court sitting in Lagos over the alleged diversion of ₦90 million belonging to his employer, an investment company, in what police described as a carefully executed insider fraud scheme.

Allegations of Insider Transactions

The defendant, Bello Saheed Samuel, who worked in the finance department of the firm, is accused of fraudulently siphoning company funds through a series of unauthorised insider transactions. According to reports, the alleged activities went unnoticed for a period before internal checks raised red flags.

Akahi News gathered that the matter was subsequently reported to law enforcement agencies, prompting an investigation by the Police Special Fraud Unit (PSFU).

Suspect Allegedly Fled Lagos With Family

In its report, Eyes Of Lagos disclosed that Samuel allegedly absconded from Lagos with members of his family shortly after the suspected fraud was uncovered. Police said he reportedly cut off communication channels in a bid to evade arrest and frustrate ongoing investigations.

According to police findings, the suspect was believed to have moved across several South-Western states while attempting to stay ahead of security operatives.

Arrest in Ekiti After Coordinated Manhunt

Confirming the development, the spokesperson of the Police Special Fraud Unit, DSP Ovie Kenneth Ewhubare, said Samuel was eventually apprehended in Oye-Ekiti Local Government Area of Ekiti State after a coordinated manhunt.

DSP Ewhubare explained that investigations revealed the suspect allegedly laundered the stolen funds through multiple bank accounts belonging to friends and relatives, an act aimed at concealing the origin of the money.

Charges and Ongoing Investigations

Samuel has now been arraigned on charges bordering on conspiracy and money laundering. He pleaded to the charges, while the court ordered that he be remanded in custody pending further proceedings.

Akahi News learnt that investigations are still ongoing to identify and arrest other individuals who may have aided or benefited from the alleged crime.

Police Warn Corporate Organisations

Reacting to the case, the Commissioner of Police, Police Special Fraud Unit, Lagos, CP Kayode Ojapinwa, reiterated the unit’s commitment to combating financial crimes nationwide.

He also urged corporate organisations, especially financial and investment firms, to strengthen their internal control mechanisms and closely monitor employees to prevent insider-related financial abuse.

Observers note that the case once again highlights the growing threat of insider fraud within corporate institutions and the need for stricter compliance, audits, and employee oversight.

The case has been adjourned to a later date, with the suspect remaining in custody as legal proceedings continue.

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