Court remands accountant over alleged N49.7m fraud

Operatives of the Police Special Fraud Unit, PSFU, of the Nigeria Police, at Milverton Street, Ikoyi, Lagos, Western Nigeria, have arrested an accountant, Miebi Tiemo, 37, for alleged fraud.
He was accused of fraudulently withdrawing the sum of N49,751,350 from his employer’s account without authorisation and converting it to his personal use.
The money belonged to Marathon Group Nigeria Limited.
After investigation, the suspect from Delta State, South South Nigeria, was arraigned before an Igbosere magistrates’ court in Lagos on a one count charge of felony to wit, fraudulently converting his employer’s money to his personal use.
Police prosecutor, Inspector Wewe Azubuike, informed the court in charge No A/11/2016 that the accused, an accountant, committed the offence between 3 December, 2015 and 16 January, 2016 during working hours at Marathon Group Nigeria Limited.
Azubuike told the court that the accused used his position as the chief accounting officer with Marathon Group Nigeria to fraudulently withdraw the sum of N49,791,350 from the account of his employer domiciled at Stanbic IBTC Bank and converted it to his personal use without authorisation.
Azubuike further told the court that the fraud was uncovered when the management of Marathon Group audited their account.
He said the offence the accused committed is punishable under section 285(9) of the criminal Law of Lagos State, 2011.
The accused however pleaded not guilty to the alleged crime in the open court, and his counsel, Barr Helen Ibeji, urged the court to admit the defendant to bail on liberal terms with a promise that he will not jump bail.
Chief magistrate Mrs A. O. Sholadoye admitted the defendant to bail in the sum of N1m with two sureties, one of whom must be a qualified chartered accountant and the other a civil servant on level 14.
Sholadoye adjourned the case till 11 May, 2016 for mention, while the defendant was moved to Ikoyi Prison, Lagos pending when he will fulfil his bail conditions. – The News.