February 4, 2026 l By Dalena Reporters
LAGOS, Nigeria — A staff member of a Lagos-based investment firm was arraigned on Wednesday by the Police Special Fraud Unit (PSFU) on allegations that he diverted approximately N90 million from his employer’s account for personal use, authorities confirmed.
The accused, identified as Bello Samuel, who worked in the finance department of the company, appeared before the Federal High Court sitting in Lagos on charges of conspiracy and money laundering brought by the PSFU.
According to a statement by the PSFU spokesperson, Mr. Ovie Ewhubare, Samuel is alleged to have orchestrated an insider fraud scheme in which large sums were unlawfully transferred from company coffers into his own accounts and those of associates. Prosecutors said the alleged conduct represents a serious breach of trust and internal financial controls.
The case came to light after the affected investment firm filed a formal complaint with law enforcement. Investigators said operatives of the Special Fraud Unit quickly commenced a probe that uncovered evidence suggesting Samuel had repeatedly siphoned funds for personal use over a period of time.
Upon the fraud’s discovery, Samuel reportedly absconded from Lagos with family members in an apparent bid to evade arrest. He allegedly cut off all means of communication, prompting police to extend investigations across multiple states in the South-West, before apprehending him in Oye-Ekiti Local Government Area of Ekiti State.
Further inquiries by investigators reportedly revealed that the suspect had used the proceeds of the alleged fraud to conceal the source of the funds, including transferring money through the bank accounts of friends and relatives a practice consistent with money-laundering offences.
In court, prosecutors affirmed that the charges seek to hold Samuel accountable for both the diversion and concealment of the funds, emphasising the PSFU’s commitment to clamping down on financial crime and corporate fraud.
Mr. Kayode Ojapinwa, Commissioner of Police for the Police Special Fraud Unit in Lagos, reiterated the unit’s resolve to combat insider-related financial crimes and urged corporate institutions to strengthen internal controls and employee monitoring systems to limit opportunities for similar abuses.
The arraignment highlights ongoing challenges facing businesses in safeguarding assets against internal fraud and underscores the role of specialised law-enforcement units in prosecuting complex financial offences.
As of this report, additional suspects allegedly involved in the scheme were being pursued as investigations continue.