How Two Nigerian Men Spent ₦300m Of Employer’s Money On Sports Betting (Video)

Two men, aged 35 and 23, have been arrested in Ogun State for embezzling a staggering ₦300 million from their employer, a lifestyle hospitality company. The funds, according to police, were allegedly spent on sports betting.

The crime came to light after a post was shared on the social media platform X (formerly known as Twitter), which was later confirmed by the police in a video statement.

In the statement, a police officer identified the suspects as Tomisin, 35, and Yaya, 23. Both were arrested for corporate fraud after stealing the funds while employed at the company.

“This is a case of corporate fraud that involves a large sum of ₦300 million,” the officer revealed. “The suspects, Tomisin and Yaya, were apprehended in Ogun State after it was discovered that they had diverted company funds for their personal use.”

The officer went on to explain that despite efforts to recover the stolen money, a significant portion of the ₦300 million had already been transferred to the suspects’ personal bank accounts. Investigations further revealed that the stolen funds were primarily used for betting on sports, a move that has sparked widespread concern.

“They took the money and used it for gambling,” the officer said. “This case should serve as a warning to others, particularly young individuals, about the dangers of excessive gambling and fraudulent activities.”

Watch the video below;

The police video detailing the incident has since gone viral, with social media users reacting strongly to the news. Many expressed shock and disappointment at the actions of the suspects, while others raised concerns about the rising influence of betting and gambling on youth behavior.

Read some netizens’ reactions below;

@dominicchris1: “If you say they made a profit of 2 million each….it means they still have the 300m.”

@MayGistv: “Stay away from any man who gambles, it doesn’t build him but destroys.”

@linocol007: “It’s not possible. They bought crypto and hid the money. They used some to bet so that when the police come, they will then say they played bet and it all went down the drain.”

@OlugbengaJonat1: “All lies, they should bring out the evidence from the betting apps they use or slips. Make we reason well now 300Million, they’ve invested in crypto and not betting as they claimed.”

As the investigation continues, the stolen funds remain unaccounted for, and authorities are working to track the flow of money into the suspects’ gambling activities.
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