The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of PJO Ventures Limited Cecilia Osipitan and her company, alongside Insurance Resourcery and Consultancy Services Limited before the Federal Capital Territory High Court.
Osipitan appeared before Justice U P Kekemeke at the court in Maitama, Abuja on a 9-count charge bordering on criminal breach of trust, conspiracy and conversion of public funds to the tune of N6 billion.
The anti-graft agency stated that the money was meant for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of the defunct Power Holding Company of Nigeria (PHCN).
EFCC said that the offence contravenes Section 311 of the Penal Code Act Cap 532 Laws of the Federation of Nigeria (Abuja) 2004 and is punishable under section 312 of the same Act.
One of the charges as monitored on the anti-graft agency’s website:
“That you Cecilia Osipitan being the managing director of PJO Limited, PJO Limited and INSURANCE RESOURCERY and CONSULTANCY SERVICES LIMITED sometime between 14th May, 2015 and 10th December 2015 in Abuja, within the jurisdiction of this Honorable Court, while being entrusted the sum of N6,000,000,000.00( Six billion Naira) only transferred to PJO Ventures Limited’s SKY BANK ACCOUNT NO: 17711645235 by BESTWORTH INSURANCE BROKERS LIMITED for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of POWER HOLDING COMPANY OF NIGERIA, (PHCN), did dishonestly convert to your own use the sum of N1,120,000,000.00 (One Billion, One Hundred and Twenty Million) only out of the said N6,000,000,000.00( Six billion Naira) only when you transferred same to Tokunbo Talabi which represents payment for 25% shares of Great Nigerian Insurance Plc which you acquired from him, in violation of the legal contract which you made touching on the discharge of the said trust and thereby committed an offence contrary to Section 311 of the Panel Code Act Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004 and punishable under Section 312 of the same Act”.
Osipitan pleaded not guilty to any of the charges and was granted bail by Justice Kekemeke to the tune of N500 million with 2 sureties in like sum.
The sureties must be federal civil servants, religious leaders or members of the National Assembly. They must also own landed properties in Abuja.
The judge adjourned the hearing to January 20, 2022 for commencement of trial.
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EFCC Arraigns Cecilia Osipitan for Conversion of Public Funds