A staff of SOHCAHTOA Investments Limited, Bello Saheed Samuel, has been remanded in the custody of the Nigerian Correctional Services (NCoS) over alleged N90. 571, 000 million fraud, by a Federal High Court Lagos.
The company worker was remanded by Justice Ambrose Lewis-Allagoa, who presided over the court, after he pleaded not guilty to a two-count charge made against him by the operatives of the Police Special Fraud Unit PSFU Ikoyi, Lagos, today.
The defendant according to the prosecutor, Barrister M. S. Usman, an Assistant Commissioner of Police (ACP) had told the court that the defendant and others now at large, conspired among themselves to fraudulently convert the said sum belonging to SOHCAHTOA Investments Limited, to their personal use.
ACP Usman also told the defendant with an intent to defraud, converted to his own use and benefit the mentioned sum belonging to SOHCAHTOA Investments Limited, which he knew formed part of the proceeds of an unlawful act.
The defendant’s acts according to the prosecutor contravened Section 21 and 18(2) (b) of Money Laundering (Prevention and Prohibition) Act, 2022 and Punishable under Section 18 (3) of the same Act.
The defendant has pleaded not guilty to the charge.
Based on his not guilty plea, Justice Lewis-Allagoa admitted him to bail in the sum of N100 million with two sureties in like sum.
The judge ordered that the defendant be remanded pending meeting the bail terms. While adjourned the matter to March 13, 2026, for trial
Charges against the defendant read” “that you Bello Saheed Samuel ‘M’ and others at large sometimes between September, 2022 and September, 2025 in Lagos, within the Jurisdiction of this Honourable Court, did conspire among yourselves to commit an offence to wit: fraudulent conversion of the sum of Ninety Million Five Hundred and Seventy-one Thousand Naira (N90, 571, 000.00) only belonging to SOHCAHTOA Investments Limited and thereby committed an offence contrary to Section 21 of Money Laundering (Prevention and Prohibition) Act, 2022 and Punishable under Section 18 (3) of the same Act.
“That you Bello Saheed Samuel ‘M’ sometimes between September, 2022 and September, 2025 in Lagos, within the Jurisdiction of this Honourable Court, while being a staff of SOHCAHTOA INVESTMENTS LIMITED with intent to defraud did directly convert to your own use and benefit the sum of Ninety Million, Five Hundred and Seventy-one Thousand Naira (N90, 571, 000.00) only belonging to SOHCAHTOA Investments Limited, knowingly or reasonably ought to have known that the said sum forms part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18(2) (b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and Punishable under Section 18 (3) of the same Act.”
