Court clears AIICO MD of stealing charges

Justice Oluwatoyin Taiwo of a Lagos Special Offences Court sitting in Ikeja has exonerated the Former Managing Director of AIICO Capital Limited – a subsidiary of American International Insurance Company (AIICO) Plc, Lanre Fabunmi, and others of stealing and dishonest conversion of funds belonging to the company.

Those discharged and acquitted alongside Fabunmi are Onome Odometa, Olajumoke Akano and Olabode Ogunlere.

The Economic and Financial Crimes Commission (EFCC), had arraigned them for illegally approving sales commission for themselves on 22 amended counts bordering on alleged conspiracy, stealing, and dishonest conversion of funds for the purpose of purchasing properties and converting funds.

Their offence is said to be contrary to and punishable under Section 287(8),332(3) of the Criminal Law of Lagos State 2015.

The EFCC had alleged that the defendants, staff of AIICO had been appropriating some money to themselves illegally in the guise of the sales commission.

Following their plea of not guilty to all count charges, the prosecution team led by Mr Rotimi Williams (SAN) opened their case, called eight witnesses and tendered several documents as exhibits before they closed their case.

During the trial, the prosecution witness narrated to the court the process of sales in the investment arm of AIICO. The PW1 (Eguarekhide Longe) had told the court that he was working with AIICO Pension. He said the company sells insurance contracts and gets money and invests.

According to him, AIICO Insurance group deploys a broad agency network to sell insurance contracts and for agency work done, the sales commission is paid to the agent.

After the closed prosecution case, the defendants through their counsel, Adeyinka Olumide-Fusika (SAN), Mr Tayo Oyetibo (SAN) and Dr Muiz Banire (SAN) for first to third defendants respectively, filed a no-case submission which was vehemently argued before the court.

However, while ruling on their no-case submission, Justice Taiwo held that the prosecution failed to prove the alleged offence against the defendants.

The court said that the prosecution witness, an investigator (PW8) during cross-examination, said he never came across any document showing that the defendants and Lanre Fabunmi met and carried out any illegal activity.

The court held that none of the defendants has shown to be part of Internal control or hatching a plan to steal from the company with an erstwhile managing director, Lanre Fabunmi.

The judge said the lack of concrete evidence creates doubt in the mind of the court. After the judge cited a plethora of decided cases, she held that the court does not act on speculations, let alone conjectures that are ambiguously speculative.

“Consequently, having failed to establish a prima facie case against the defendants, the no-case submission made by the defendants is hereby upheld. The defendants are hereby discharged and acquitted,” the court ruled.

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