…..Accused of Defrauding Employer of N10.6 Million
A Federal High Court in Abuja has imposed stringent bail conditions on two business agents, Nsor Nyami and Iranloye Olusegun, who are on trial for allegedly defrauding their employer of N10.6 million.
The Inspector General of Police (IGP) had arraigned the defendants on a 10-count charge bordering on felony, conspiracy, and criminal breach of trust.
Strict Bail Conditions
Justice Musa Suleiman Liman, who granted the defendants bail on Monday, ruled that each must provide a surety who will deposit the original Certificate of Occupancy of their landed property in Abuja for the duration of the trial.
Additional conditions include:
Sureties must present a three-year tax certificate, verified by the Federal Inland Revenue Service (FIRS).
Each surety must sign a N20 million bail bond.
Defendants must surrender their international passports and passport photographs to the court.
Sureties must swear to an affidavit of means and submit their National Identification Certificates for verification.
Justice Liman, who had previously denied bail in January 2025, granted their request this time on medical grounds.
Allegations Against the Defendants
Nyami and Olusegun are accused of dishonestly converting their employer’s N10.6 million, money meant for the distribution of Peace Foundation International Soya Plus. They allegedly failed to remit the funds after receiving payments from customers.
The IGP also alleges that the defendants conspired in 2022 to sell Brika Soya Beans Milk, an unregistered product, before the National Agency for Food and Drug Administration and Control (NAFDAC) sealed their factory in Abuja.
The charges include violations of:
Section 3 of the Miscellaneous Offences Act, 2007 (felony and breach of trust).
Sections 308 and 309 of the Penal Code Act (criminal conversion of funds).
Section 1 of NAFDAC’s Food Product Registration Regulations (unauthorized distribution of unregistered food products).
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Additionally, the second defendant, Iranloye Olusegun, faces an extra charge of misappropriating N2.5 million paid by customers, allegedly converting it for personal use.
Defendants Seek Settlement
Following Monday’s ruling, the defense counsel, Ekanem Kanu Agabi, SAN, informed the court that his clients were open to an out-of-court settlement with the complainant.
Pending the fulfillment of their bail conditions, Justice Liman ordered the defendants to be remanded at Kuje Prison. The trial is scheduled to continue on June 17.
