Osipitan arraigned for mismanaging N6bn insurance benefit fund

The EFCC has arraigned the Managing Director of PJO Ventures Limited, Cecilia Osipitan.

Joined as the defendant is the PJO and Insurance Resourcery and Consultancy Services Limited.

Both were brought before Justice U. P. Kekemeke of the Federal Capital Territory High Court in Maitama, Abuja.

Osipitan faces a nine-count charge bordering on criminal breach of trust, conspiracy and conversion of public funds to the tune of N6billion.

According to the EFCC, the money was meant for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of the defunct Power Holding Company of Nigeria (PHCN).

Osipitan’s offence contravened Section 311 of the Panel Code Act Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004 and punishable under Section 312 of the same Act.

The defendant pleaded not guilty when the charges were read.

Justice Kekemeke granted her bail in the sum of N500million with two sureties in like sum.

The sureties must be federal civil servant, a religious leader or a member of the National Assembly residing and own landed properties in Abuja.

The case was adjourned until January 20, 2022 for commencement of trial.