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EFCC arraigns company MD for alleged N6bn fraud

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The Economic and Financial Crimes Commission, (EFCC) on Thursday arraigned the Managing Director of PJO Ventures Limited, Cecilia Osipitan, at the High Court of the Federal Capital Territory (FCT), Maitama, for alleged N6billion fraud.

The commission arraigned Osipitan on a nine-count charge of criminal breach of trust, conspiracy, and conversion of public funds.

The woman’s companies – PJO Ventures Limited and Insurance Resourcery and Consultancy Services Limited – were also listed as defendants in the case.

The EFCC said 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).

READ ALSO: EFCC to arraign ex-NSITF chief for alleged N69bn fraud Thursday

The offence, according to the commission, contravened 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.

However, the defendant pleaded not guilty to the charges.

Justice U.P. Kekemeke granted her bail in the sum of N500 million with two sureties in like sum.

The judge said the sureties must either be a federal civil servant, a cleric, or a member of the National Assembly with landed properties in Abuja.

He also ruled that the defendant be released to her counsel and gave her seven days to fulfill the bail conditions.

He adjourned the case till January 20, 2022, for commencement of trial.

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