N70m fraud arraignment in Lagos as court grants bail to sales manager and alleged accomplice accused of stealing employer’s funds

Isiaka Adijat, a Lagos-based sales manager, and Modupe Ojo have appeared in court in an N70m fraud arraignment before the Igbosere Magistrates’ Court on Lagos Island over allegations of defrauding an employer.

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Operatives of the Nigeria Police Force Intelligence Department, Force Headquarters Annex, Obalende, arrested both women following a complaint lodged by Alhaja Fausat Morenikeji Yusuf.

Police told the court that Alhaja Yusuf had entrusted Isiaka Adijat with the management of a shop located at 243 and 245 Agege Motor Road, Mushin, Lagos, stocked with goods worth several millions of naira, before travelling abroad.

Investigators alleged that before the employer’s return, Isiaka Adijat sold goods valued at N70 million and failed to remit the proceeds into the company’s account, instead converting the funds for personal use.

Police further alleged that N20 million of the proceeds was channelled through the bank account of Modupe Ojo and that the total sum was used to build a mansion in Ibadan, Oyo State.

The prosecution filed a two-count charge of conspiracy and stealing.

Police prosecuting counsel, Friday Mameh, informed the court that the offences allegedly occurred between 2022 and 2024 at the complainant’s shop in Mushin.

Friday Mameh said the alleged actions constituted a breach of trust and are punishable under Sections 287 and 328(1) of the Criminal Law of Lagos State, 2015.

Both defendants pleaded not guilty.

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Presiding Magistrate Mrs Gbajumo Ayoku granted each defendant bail in the sum of N3.5 million with two sureties in like sum and adjourned the case until 27 March 2026 for continuation of trial.