In a dramatic turn of events, the Federal High Court in Abuja has imposed stringent bail conditions on two business agents, Nsor Nyami and Iranloye Olusegun, accused of defrauding their employer of ₦10.6 million.
Justice Musa Suleiman Liman, delivering the ruling on Monday, ordered the accused to secure a surety each, who must submit the original Certificate of Occupancy of an Abuja property for the duration of the trial. The sureties are also required to provide a three-year tax clearance certificate, verified by the Federal Inland Revenue Service (FIRS), and sign a ₦20 million bail bond before the defendants can be released.
The two defendants, who worked as business agents, allegedly misappropriated funds from their employer and sold unregistered products across Nigeria, prompting the National Agency for Food and Drug Administration and Control (NAFDAC) to shut down their operations.
The Inspector General of Police (IGP), acting on a petition against them, charged the duo with felony, conspiracy, and criminal breach of trust, citing violations of the Miscellaneous Offences Act, 2007 and the Penal Code Act.
Court documents reveal that in 2022, Nyami and Olusegun allegedly conspired to dishonestly sell Soya Plus, a product entrusted to them, while diverting proceeds for personal use. The IGP further claimed that Olusegun alone fraudulently converted ₦2.5 million paid to him by various customers.
Despite denying the charges, the accused, through their lead counsel, Ekanem Kanu Agabi, SAN, signaled their willingness to explore an out-of-court settlement with their employer. However, until they meet the bail conditions, they will remain in Kuje prison, awaiting trial scheduled for June 17.
This high-profile case underscores the crackdown on corporate fraud and regulatory violations, signaling a tough stance by the judiciary against financial crimes.