Staco Insurance, CEOs In N200m Fraud Scandal

One of the leading insurance company in Nigeria, Staco Insurance Plc alongside its former and current Chief Executive Officers, Sakiru Oyefeso, Bayo Fakorede have been dragged before a Federal High Court, Lagos, over alleged N200 million Fraud.

Also charged before the court is the Staco’s Executive Director in-charge of Management Services, Tayo Ajibulu.

Staco Insurance Plc and its CEOs and Ajibulu were charged before the court on six counts charge of conspiracy, obtaining under false pretence and issuance of dud cheques.

Staco Insurance Plc and its CEOs and director were charged before the anti-fraud section of Lagos State Police Command.

The police stated that the insurance company and its CEOs and executive director committee the offences between July and August 2017.

To perpetrate the alleged fraud, the police stated that all the defendants conspired among themselves and fraudulently obtained the sum of N200 million from a company named Growth and Development Asset Management Limited (GDA on the pretence that the money would be used for investment purposes.

The police also stated in the charge that when the defendants failed to utilized the N200 million for its intended purposes, they equally failed to refund the money to the complainant.

The defendants were alleged to have on March 12, 2018, issued cheques from United Bank for Africa (UBA), the defunct Diamond Bank and First Bank Plc, to the alleged fraud victim, but were dishonoured for lack of insufficient funds.

The defendants’ actions according to the police are contrary to Section 8 (a), 1(1)(a)(c), 1(2),1(1)(a)(b) of the Advance Fee Fraud Act 2006 and punishable under Section 1(3) 1(1)(b) of the same Act. 

At the scheduled arraignment of the defendants, last Monday, all the defendants were in court except the current Chief Executive Officer, Mr. Bayo Fakorede, who was said to be sick.

Fakorede’ counsel, Olushina Sofola (SAN), told the court that his client took ill on Sunday and he was rushed to hospital for treatment.

The prosecutor, Mrs. Ibijoke Akinpelu, while objecting to the adjournment request of Fakorede’s counsel, told the court that the matter was adjourned for that day for arraignment of all defendants have been duly served with the charge and that the second defendant (Fakorede) was fully aware that the matter is fixed for arraignment.

Akinpelu also told the court that the second defendant (Fakorede) has not been in court since that charge was before the court about six months ago, adding that all adjournment have been at the instance of the second defendant.

The prosecutor therefore asked the court for short date if the court is mindful of conceding to the defendant’s request for adjournment.

Following the submissions of the party, the court adjourned the matter till November 7, for arraignment of the defendants.

Charges against the Insurance company and its directors read:

Count one: “that you Sakiru Oyefeso, Bayo Fakorede, Tayo Ajibulu and Staco Insurance Plc, sometimes between the month of July 2017 and August 2017 in Lagos within the jurisdiction of the Federal High Court, did conspire to commit a felony to wit: obtaining money under false pretence and thereby committed a offence contrary to Section 8 (a) of the Advance Fee Fraud Act 2006 and punishable under Section 1(3) of the same Act. 

Count two: “That you Saklru Oyefeso, Bayo Fakorede and Staco Insurance Plc sometimes between the month of July 2017 and August 2017 in Lagos within the jurisdiction of the Federal High Court. did by false pretence and with intent to defraud induced Growth and Development Asset Management Limited (GDL) through medium of a contract and obtained the sum of N200. 000,000.00 (Two Hundred Million Naira) and thereby committed an offence contrary to Section 1(1)(a) & (c) of the Advance Fee Fraud Act 2006 and punishable under Section 1 (3) of the Advance Fee Fraud Act 2006.

Count three: “that you Sakiru Oyefeso, Bayo Fakorede and Staco Insurance Plc sometimes between the month of July 2017 and August 2017 In Lagos within the jurisdiction of the Federal High Court. did by false pretence and with intent to defraud induced Growth and Development Asset Management Limited (601.) to confer benefit on yourselves and unlawfully obtained the sum of N200, 000, 000.00 (Two Hundred Million Naira) and thereby committed ah offence contrary to section 1(2) of the Advance Fee Fraud Act 2006 and punishable under Section 1 (3) of the Advance Fee Fraud Act 2006.

Count Four: “that you Sakiru Oyefeso on 12 March 2018 in Lagos within the jurisdiction of the Federal High Court, obtained the credit and induced the delivery of the sum of N10,000,000.00 (ten million Naira) from Growth and Development Asset Management Limited in favour of Staco insurance Plc by means of First Bank cheque which was dishonored due to insufficient funds and thereby,committed an offence contrary to Section 1 (1) (a)(b) of the Dishonored Cheques offences Act and punishable under Section 1 (1) (b) of the Dishonored Cheques ( Offences) Act LFN 2004.

Count Five: “that you Bayo Fakorede on 12 March 2018 in Lagos within the jurisdiction of the Federal High Court, obtained the credit and induced the delivery of the sum of N10,000,000.00 (ten Million Naira) from Growth an n Development Asset Management Limited in favour of Staco Insurance Plc by means of Diamond Bank cheque which was dishonored due to insufficient funds and thereby committed an offence contrary to Section 1 (1) (a)(b) of the Dishonored Cheques (offences) Act and punishable under Section 1 (1) (b) of the Dishonored Cheques ( Offences) Act LFN 2004.

Count six: “that you Staco Insurance Plc, Bayo Fakorede and Tayo Ajibulu between August 2017 to March 2018 in Lagos within the jurisdiction of the Federal High Court, obtained the credit and induced the delivery of the sum of N200,000,000.00 (Two Hundred Million Naira) from Growth and Development Asset Management Limited in favour of Staco Insurance Pic by means of United Bank of Africa UBA cheques which were dishonored due to insufficient funds and thereby committed an offence contrary to Section 1 (1) (a)(b) of the Dishonored Cheques (Offences) Act i 2004 and punishable under Section 1 (1) (b) of the same Act”.