EFCC arraigns 3 over N276.8m insurance fraud

From** Taiwo Ogunniyi, **Ilorin

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday, October 20, 2026, arraigned three men, Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu, before Justice Ismaila Ijelu of the Lagos State High Court, sitting in Ikeja, over the alleged fraudulent conversion of N276.8 million belonging to Alico Insurance Plc.

The defendants are facing a four-count charge bordering on conspiracy, stealing and dishonest conversion of N276,801,891.06 allegedly paid by insurance subscribers for the purchase of insurance policies.

Count one of the charge reads: “Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu, between January 2023 and May 2024, in Lagos, within the jurisdiction of this Honourable Court, did conspire among themselves to commit a felony, to wit: dishonest conversion of monies paid to them by insurance subscribers for the purchase of insurance premiums, property of Alico Insurance Plc, contrary to Section 441 of the Criminal Law of Lagos State No. 11 of 2011.”

Count two alleged that Abiodun, between January 2023 and May 2024, in Lagos, dishonestly converted N219,080,335.11 to his personal use. The money was allegedly paid by insurance subscribers for the purchase of insurance premiums belonging to Alico Insurance Plc, contrary to Section 285(1)(9)(b) and (c) of the Criminal Law of Lagos State No. 11 of 2011.

Following their pleas, EFCC counsel, Rilwan Abdulrasheed, urged the court to remand the defendants in a correctional facility pending the hearing of their bail applications and to fix a date for the commencement of trial.

Counsel to the first and second defendants informed the court that their clients’ bail applications had been filed and urged the judge to grant them bail on liberal terms.

Justice Ijelu subsequently granted each defendant bail in the sum of ₦10 million, with two sureties in like sum. The sureties must be residents of Lagos State and be gainfully employed.

The judge also ordered the defendants to deposit their international passports with the Chief Registrar of the court and prohibited them from travelling outside Nigeria while the case remains pending.

The court further directed that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions.

The case was adjourned until November 16, 2026, for trial.

The post EFCC arraigns 3 over N276.8m insurance fraud appeared first on The Sun Nigeria.