EFCC docks insurance guru, Osipitan for N6bn PHCN severance benefit fraud

The Economic and Financial Crimes Commission, EFCC has arraigned an insurance magnate, Mr. Cecilia Osipitan and her Company, PJO Ventures Limited before an Abuja Federal High Court on a nine-count charge bordering on Criminal breach of trust and conversion of funds to the tune of six billion Naira.

According to the operatives of the Economic Financial and other Crimes Commission (EFCC0, she was alleged to have stolen funds for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN).

The EFCC alleged that the defendant, allegedly received and converted the funds to personal use, between 2014 and 2016.

Upon the “not guilty” plea entered by the defendant, the prosecuting counsel prayed the Court to set fix a date for trial.

However, Justice I.E Ekwo granted bail to the defendant in the sum of N200, 000,000 (Two Hundred Million Naira) with one surety in like sum. The surety must be a responsible citizen and owner of landed property which document shall be deposited with the Registry of the Court, after verification.

The defendant is also to deposit her international passport with the Court Registry and shall not travel out of the country without the approval of the Court.

Thereafter, Justice Ekwo adjourned the matter till May 24, 25 and 26, 2021 for trial.

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