Accountant Sent To Prison Over Alleged N49.7m Fraud

Operatives of the Police Special Fraud Unit, PSFU, Milverton Road, Ikoyi, Lagos have re-arraigned an  accountant with MARATHON GROUP NIGERIA LIMITED, Miebi Tiemo, 37, before an Igbosere Magistrates’ Court, Lagos over alleged fraud and conversion.

He is being accused of using forged documents to fraudulently withdraw the sum of N49,751,350 from his employer’s account without authorisation and converted the money to his personal use.

The defendant was first arraigned before the court on a one count charge of fraud and conversion.

In the amended three-count charge No A/11/2016, Police Prosecutor, Inspector Wewe Adegbayi, informed the court that the defendant committed the offence between 26 November, 2015 and 16 February, 2016 at MARATHON GROUP Nigeria LIMITED during working hours.

Adegbayi told the court that the defendant used his position as the former accountant to forge the signature of the Chief Executive Officer of MARATHON GROUP NIGERIA LIMITED, Mr Olagbaju Olayinka and used it to fraudulently withdraw the sum of N49,751,350 from his employer’s account with STANBIC IBTC Bank and converted the money to his personal use.

He said the management of MARATHON GROUP uncovered the fraud when they audited their account book.

Adegbayi said the offences the defendant committed are punishable under sections 363(1),364 and 285(9) of the criminal Laws of Lagos State, 2011.

The defendant again pleaded not guilty to the alleged crime in the open court and his counsel, Barr. Helen Ibeji prayed the court to allow her client continue to enjoy his former bail.

Chief Magistrate, A. O. Sholadoye, admitted the defendant on bail in the sum of N1m with two sureties in like sum with a directive that the defendant must deposit his International passport with the court.

Sholadoye adjourned the case till 16 September, 2016 for trial, while the defendant was taken to Ikoyi Prison pending when he is a  able to fulfil his bail conditions.