N26b Fraud: Insurance Guru Gets N300m Bail

Justice S. C. Oriji of the Federal Capital Territory High Court Apo, Abuja on Thursday, May 4, 2021 granted bail to an insurance guru, Abiodun Waheed Hassan and his company, Bestworth Insurance Brokers Limited.

The Economic and Financial Crimes Commission, EFCC, is prosecuting Hassan and his company, Bestworth Insurance Brokers Limited, on a five count charge of criminal breach of trust in relation to the payment of Twenty-six Billion Naira (N26bn) outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria, PHCN.

GreenWhiteGreen GWG had reported that the defendant was alleged by the EFCC to have allegedly diverted humongous sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.

He had, however, pleaded not guilty when the charge was read against him when he was arraigned on February 25, 2021 and the presiding judge had set bail hearing for March 4, 2021.

Counsel for the insurance guru and his company, Bestworth Insurance Brokers Limited. had in a motion filed before the Court, urged the court to admit the first defendant to bail on liberal terms pending the determination of the charges instituted against him.

But prosecution counsel, Benjamin Manji, prayed the court to refuse bail. He argued that the offence for which the defendant is charge, has become pervasive among public officers, and was giving the country a bad image.

Justice Oriji however granted bail to the first defendant in the sum of N300,000,000 and three sureties, one of whom must be a permanent secretary, another a director and the third, a responsible Nigerian living in Abuja

The judge adjourned the matter till May 10, 12 and 13, 2021, for trial.

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