RismadarVoice Reporters
October 21, 2026
The Economic and Financial Crimes Commission (EFCC) has arraigned three men before the Lagos State High Court in Ikeja over alleged conspiracy, stealing and dishonest conversion of ₦276.8 million in insurance premium payments.
The defendants, Adekunle Atanda Abiodun, Olawuyi Yusuf Adeola and Obinna Adolphus Nwosu, were brought before Justice Ismaila Ijelu on Tuesday, October 20, 2026, by the commission’s Ilorin Zonal Directorate.
According to the prosecution, the defendants allegedly conspired to divert ₦276,801,891.06 paid by insurance subscribers for the purchase of insurance policies.
The three men are facing a four-count charge relating to conspiracy and dishonest conversion of funds allegedly committed between January 2023 and May 2024 in Lagos State.
The prosecution alleged that the funds were meant for an insurance company identified in the reported charge as Alico Insurance Plc.
One of the charges specifically accused Abiodun of dishonestly converting ₦219,080,335.11 in insurance premium payments to his personal use.
The EFCC maintained that the alleged conduct violated provisions of the Criminal Law of Lagos State, including Sections 285 and 441.
During the proceedings, prosecution counsel Rilwan Abdulrasheed requested that the defendants be remanded in a correctional facility pending the commencement of trial.
However, lawyers representing the first and second defendants informed the court that bail applications had been filed on behalf of their clients.
They urged the judge to grant bail on liberal terms.
After considering the submissions, Justice Ijelu granted each defendant bail for ₦10 million, with two sureties in like sum.
The court directed that the sureties must be gainfully employed residents of Lagos State.
The defendants were also ordered to surrender their international passports to the Chief Registrar of the court and were prohibited from travelling outside Nigeria while the proceedings remained pending.
Justice Ijelu further directed that the defendants be remanded in a correctional facility until they fulfilled their bail conditions.
The matter was subsequently adjourned until November 16, 2026, for the commencement of trial.
The case forms part of the EFCC’s ongoing efforts to investigate and prosecute alleged financial crimes involving corporate funds and payments made by members of the public.
The allegations against the defendants remain subject to judicial determination, and none of the three men has been convicted in connection with the charges.
