A Federal High Court sitting in Lagos south west Nigeria has adjourned till 16th January, 2020 to arraign an indigenous insurance company, Staco Insurance Plc, and three of its directors Sakiru Oyefeso,Bayo Fakorede and Tayo Ajibulu, alleged to have obtained by false pretence N200million from a limited liability company Growth and development Asset management.

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

The six count charge preferred against the insurance company and its three directors are stated below :

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 Q, 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 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.