AIICO Insurance Marketing Officer Faces Trial For Alleged N73.38 Million Fraud
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In a significant development within the financial sector, AIICO Insurance Plc, one of Nigeria’s leading insurance companies, finds itself embroiled in a legal battle concerning the alleged misappropriation of funds amounting to N73,380 million. The accused, identified as Chidinma Kalu, a former marketing officer of AIICO Insurance Plc, stands accused of orchestrating a sophisticated scheme aimed at defrauding policyholders through deceptive practices.
According to reports, Kalu exploited her position within the company to manipulate AIICO’s database and computer systems, enabling her to execute the fraudulent transactions. Her modus operandi allegedly involved persuading unsuspecting policyholders to invest in Single Premium and Life Insurance Policies using electronic methods, thus concealing her illicit activities within the company’s operations.
Following extensive investigations into the matter, law enforcement officials from the Lagos State Police Command’s Criminal Investigation Department apprehended Kalu after a meticulously planned sting operation. Subsequently, she was brought before the Lagos Chief Magistrate’s Court to face charges related to the alleged offenses.
However, despite initial proceedings in the magistrate court, the case took a significant turn as a 15-count charge was filed against Kalu before the Lagos Federal High Court, underscoring the severity of the accusations leveled against her.
During the arraignment before Justice Friday Ogazi, the prosecution, led by Barrister Joseph Ebosereme, outlined the charges against Kalu, alleging her involvement in conspiracy, forgery, cybercrimes, and fraud amounting to N73,380,000 million. The prosecution asserted that Kalu, in collaboration with unidentified accomplices, orchestrated the crimes between 2018 and May 2023, exploiting vulnerabilities in AIICO’s systems for personal gain.
In response, Kalu vehemently denied all allegations leveled against her, pleading not guilty to each of the 15 counts presented before the court.
As the legal proceedings unfolded, the prosecution sought a trial date and urged the court to remand Kalu in the custody of the Nigerian Correctional Services pending the resolution of the case. Conversely, Kalu’s defense counsel, represented by P.O. Ogunnubi, emphasized the filing of a bail application on behalf of the defendant, highlighting her compliance with legal procedures and her previous adherence to bail conditions set by the magistrate court.
After careful consideration, Justice Ogazi granted Kalu bail in the sum of N5 million, subject to the provision of a surety of equal value. The judge stipulated that potential sureties must meet specific criteria, including being either a civil servant in Grade Level 12 and above or a landowner with a valid Certificate of Occupancy. Additionally, the sureties were required to submit two passport photographs and evidence of tax payment.
With the bail conditions set, Kalu was remanded in the custody of the Nigerian Correctional Services until she fulfills the requirements for release. The case was adjourned to May 29 for trial, marking a crucial juncture in the legal proceedings against the accused AIICO Insurance Plc marketing officer.
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