Alleged N1.7bn Fraud: Court acquits ex-AIICO Capital MD, Fabunmi, 3 others

Adeleye Kunle Reports

Justice Oluwatoyin Taiwo of a Lagos Special Offences Court, Ikeja, has exonerated Former Managing Director, Lanre Fabunmi, Onome Odometa, Olajumoke Akano and Olabode Ogunlere, of stealing and dishonest conversion of funds belonging to AIICO Capital Limited. AIICO Capital Limited is a subsidiary of American International Insurance Company (AIICO) Plc. The trial judge absolved the defendants of all the 22 counts charges brought against them by the Economic and Financial Crimes Commission (EFCC) for allegedly diverting company funds through the Sales Commission.

The defendants were arraigned on 22 amended counts, bordering on alleged conspiracy, stealing, dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm. Their alleged offence is contrary to and punishable under Section 287(8),332(3) of the Criminal Law of Lagos State 2015. The EFCC had alleged that the defendants had been appropriating some money to themselves illegally in the guise of the sales commission. Following their plea of not guilty to the charge, the prosecution team led by Mr. Rotimi Jacobs (SAN), opened their case, called eight witnesses and tendered several documents as exhibits before they closed their case.

During pendency of the trial, prosecution witness narrated to the court the process of sales in the investment arm of AIICO. The Prosecutor Witness 1 (PW1 – Eguarekhide Longe) had told the court that he was working with AIICO Pension as well as a Director of AIICO Capital Limited. He said the company sells insurance contracts and gets money and invests. According to him, the Insurance group deploys a broad agency network to sell insurance contracts and for agency work done, the sales commission is paid to the agent.