A Lagos-based employee, Bello Saheed Samuel, has been arraigned before a Federal High Court in Lagos over the alleged theft of ₦90 million belonging to his employer, an investment company.
Samuel, who worked in the finance department of the firm, is accused of abusing his position and diverting company funds through what police described as insider transactions. The case has drawn attention to the growing problem of financial crimes linked to company employees and weak internal controls in some organisations.
According to police investigations, the alleged fraud was uncovered during a routine financial review by the company. The review reportedly revealed unusual transactions and missing funds, which were traced to accounts linked to Samuel.
Investigators said the suspect had access to sensitive financial systems due to his role in the finance department. This access, police believe, made it easier for him to move funds without immediate detection.
Shortly after the company discovered the alleged fraud, Samuel reportedly disappeared from Lagos with members of his family. Police said he cut off all communication lines, including his mobile phone, in an apparent attempt to avoid arrest.
A statement issued on Tuesday by the Police Special Fraud Unit (PSFU) said the suspect fled Lagos and moved across several states in the South-West to avoid being tracked.
The spokesperson for the unit, Deputy Superintendent of Police, DSP Ovie Kenneth Ewhubare, said the police launched a coordinated manhunt after the company formally reported the case.
According to him, intelligence reports later showed that Samuel had relocated to Ekiti State, where he was hiding under a low profile in Oye-Ekiti Local Government Area.
“After weeks of surveillance and intelligence gathering, operatives of the Police Special Fraud Unit arrested the suspect in Oye-Ekiti, Ekiti State,” DSP Ewhubare said.
He added that the arrest was carried out without incident and that the suspect was immediately transferred back to Lagos for further investigation and prosecution.
Police investigations also revealed that Samuel allegedly tried to hide the stolen money by moving it through several bank accounts belonging to friends and relatives. This method, known as money laundering, is often used to make it difficult to trace the source of illegal funds.
According to the police, some of the individuals whose accounts were used claimed they were unaware of the source of the money. However, investigators said they were still reviewing the level of involvement of each person linked to the transactions.
As a result, Samuel has been arraigned on charges bordering on conspiracy and money laundering before the Federal High Court in Lagos. He pleaded not guilty to the charges when they were read to him in court.
The court adjourned the case to a later date to allow the prosecution to present witnesses and tender evidence. The suspect was ordered to remain in custody pending further proceedings.
The police said investigations were still ongoing and that efforts were being made to identify and arrest other persons connected to the alleged crime.
Reacting to the development, the Commissioner of Police in charge of the Police Special Fraud Unit, Lagos, CP Kayode Ojapinwa, said the unit would continue to pursue financial crime cases without fear or favour.
He said the arrest and arraignment of Samuel showed the determination of the police to track suspects across the country, no matter how far they run.
“No matter where criminals hide, the police will find them,” CP Ojapinwa said.
He also used the opportunity to advise corporate organisations, especially financial and investment firms, to strengthen their internal control systems. According to him, many cases of fraud are carried out by trusted employees who take advantage of weak monitoring structures.
“In most financial crime cases, insiders play a major role,” he said. “Companies must regularly review their systems, separate sensitive duties, and closely monitor transactions.”
In recent years, law enforcement agencies have increased efforts to combat financial crimes, including fraud, cybercrime, and money laundering. The Police Special Fraud Unit, based in Lagos, handles complex financial crime cases across the country.
The unit works closely with banks, regulatory agencies, and other security bodies to trace stolen funds and bring suspects to justice.
As the case against Bello Saheed Samuel continues, the outcome is expected to send a strong message to employees who may be planning to exploit their positions for personal gain.
For now, the suspect remains in custody, while the court process continues and police widen investigations to uncover the full extent of the alleged ₦90 million fraud.
