A 54-year-old insurance agent, Olusegun Olaifa, was on Monday brought before an Igbosere Magistrates’ Court in Lagos State for allegedly defrauding a customer of N1.5m.
Olaifa, an agent with AIICO Insurance Plc., who did not disclose his residential address is facing a charge of fraud.
The Prosecutor, Cpl. Uagbale Oje, told the court that Olaifa committed the offence between Nov. 26, 2013 and March 31 at the head office of AIICO Insurance Plc., Plot 12, Churchgate St. Victoria Island, Lagos.
The prosecution said that the agent collected N1.5m as premium for an insurance policy from one David Fadairo, a customer of AIICO Insurance Plc.
Oje alleged that the accused, however, did not remit the money into the account of the insurance company but rather, converted the money to his personal use.
He said that after the theft was discovered by the complainant, the accused absconded to Isokoko area of Agege, Lagos, where he was eventually apprehended by the authorities.
Oje said the offence contravened Section 285 (8) of the Criminal Law of Lagos State, 2011.
The News Agency of Nigeria reports that Section 285 (8) prescribes 10 years imprisonment for any officer of a company convicted of stealing company’s property.
The agent, however, pleaded not guilty to the charge.
The Magistrate, Miss M.O. Ope-Aigbe, granted the accused bail in the sum of N1.5m with a surety in like sum.
She adjourned the case to June 13 for trial.
Source Punch
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