Insurance Firm Boss Arraigned for Stealing over N30 Million

When one considers the fact that most Nigerians are still very reluctant to embrace the insurance industry, then the last thing anyone would want to hear in relation to the industry is fraud. But, alas, the Nigerian insurance industry is not spared from the fraud fast ravaging the country.

The Economic and Financial Crimes Commission (EFCC) on Friday arraigned the General Manager of B.C. Madiebo Insurance Brokers Limited, Mr. Christopher Madiebo before a Lagos High Court sitting in Ikeja, Lagos State, for theft of N30.606 million being the property of the company of which he is a co-owner.

Mr. Madiebo was arraigned on a six-count charge of theft. According to the EFCC counsel, Francis Usanu, among other offences, Madiebo had on July 24, 2009 stolen and converted for personal use, a sum of N9.4 million entrusted in his care by the company. He was also alleged to have claimed that the money was for his search for insurance business. He was also alleged to have stolen and converted N3 million being premium for insurance policy of cars belonging to General M.I. Wushishi (rtd.) entrusted in his care as the General Manager of the insurance company.

Meanwhile, the defendant pleaded not guilty to the six-count charge against him and the case has been adjourned till January 23 for trial.