An Ikeja Special Offence Court has acquitted a 36-year-old former staff of an old generation Bank, Oluwaseye Adu, of theft of $200,000.

Adu’s acquittal followed his refund of $200,000 to the complainant, Insurance Brokers of Nigeria (IBN) and the withdrawal of the bank in the matter.

The Economic and Financial Crimes Commission (EFCC) had arraigned the defendant on a one count charge of stealing before Justice Oluwatoyin Taiwo.

 

According to EFCC counsel, Mr U.U. Buhari, Adu committed the offence in 2014 in Lagos State.

Buhari said the defendant dishonestly converted the sum of $200,000 belonging to Insurance Brokers of Nigeria (IBN) to his use.

He alleged that the defendant used his position as a bank’s relationship officer to the complainant, IBN, to steal the money.

The offence contravenes Section 287 of the Criminal Law of Lagos, 2015. The defendant, however, pleaded not guilty to the offence.

Adu had pleaded not guilty to the charge when he was first arraigned in March 2020 .

On the advice of his counsel, the defendant changed his not guilty plea and also went into settlement arrangement with the bank which led to him paying back the stolen money.

Ruling on the matter at resumed proceeding, Justice Taiwo discharged and acquitted the defendant of the offence.

“Having conform to the terms of settlement and have the sum of $200,000 refunded in full, I hereby discharge and acquit the accused person.”

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