MD remanded for allegedly stealing $123,000 from Zenith Bank


The Managing Director of Excampo Nigeria Limited, Sikiru Olayinka, 36 has been arrested and arraigned before a Lagos Magistrate Court for allegedly stealing the sum of $123,000 belonging to Zenith Bank PLC.

Also charged with him over the alleged offence was his Company, Excampo Nigeria Limited.

The accused was arrested by the operatives of the Police Special Fraud Unit, PSFU, Ikoyi, Lagos and charged before the Igbosere Magistrate Court on a two-count of felony to wit, stealing.

Policed Counsel, ASP Nwosu George told the Court in charge No B/20/2019 that the accused committed the offence in September, 2018, at Zenith bank PLC, Pen Cinema branch, Agege, Lagos.

George informed the court that trouble started for the accused when the management of Zenith bank mistakenly transferred the sum of $123,000 into account No 5070637885 operated by the accused with Agege branch of the bank.

George said that instead of the accused to notify the management of the bank of the development, he went ahead to withdraw all the money from his company’s account and converted it to his use knowing fully that the money did not belong to him.

He said that nemesis, however, caught up with the accused when the management of the bank traced the missing money to his company’s account and reported the matter to the Police leading to his arrest.
George said the offences, the accused committed were punishable under sections 409 and 285 of the Criminal Law of Lagos State of Nigeria, 2011 as revised in 2015.
The accused, however, pleaded not guilty to the alleged offence in the Court and his Counsel, Opeyemi Bello prayed the court to admit the defendant to bail in the most liberal terms saying that the defendant is the breadwinner of his family.

After listening, the presiding Chief Magistrate, Folashade Botoku turned down the oral bail application and ordered that the defendant be kept in Prison custodian from where he would be coming to court to attend his trial, adding that the defendant had earlier jumped the administrative bail granted him before he was rearrested.

She adjourned the case till 27 March, 2019 for trial.


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