The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, October 20, 2026, arraigned three suspected fraudsters – Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu, before Justice Ismaila Ijelu of the Lagos State High Court, sitting in Ikeja, over alleged conspiracy, stealing and dishonest conversion of ₦276.8 million belonging to Alico Insurance Plc.
The defendants are facing a four-count charge bordering on the alleged dishonest conversion of ₦276,801,891.06 paid by insurance premium subscribers for the purchase of insurance policies.
Count one of the charge reads: ‘’
Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu between the months of January, 2023 and May, 2024 at Lagos within the jurisdiction of this Honourable Court did conspire amongst yourself to commit a felony, to wit; dishonest conversion of monies paid to you for the purchase of insurance premium by insurance premium subscribers, property of Alico Insurance Plc., contrary to Section 441 of the criminal Law of Lagos State No. 11 of 2011.’’
In the same vein, particulars of count two read:
“Adekunle Atanda Abiodun between the months of January, 2023 and May, 2024 at Lagos within the jurisdiction of this Honorable Court dishonestly converted the sum of N219,080, 335.11 (Two Hundred and Nineteen Million, Eighty Thousand, Three Hundred and Thirty-Five Naira, Eleven Kobo) to your personal use, being payments for purchase of insurance premium by insurance premium subscribers., property of 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 respective bail applications had been filed and urged the judge to admit their clients to 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 gainfully employed.
The judge also ordered the defendants to deposit their international passports with the Chief Registrar of the court and barred them from travelling outside Nigeria while the case is pending.
The court further ordered that the defendants be remanded in a correctional facility pending the fulfilment of their bail conditions.
The case was adjourned to November 16, 2026, for trial.
