Cecilia Osipitan charged to court over ₦6B PHCN fraud

Cecilia Osipitan, the Managing Director of PJO Ventures Limited, has been arrested and arraigned by The Economic and Financial Crimes Commission (EFCC).

In March 2021, the Economic and Financial Crimes Commission, EFCC, had arraigned the wife of a Senior Advocate of Nigeria, SAN, Cecilia Osipitan, on a nine-count money laundering charge.

The anti-graft agency alleged that Defendant, being the managing director of a firm, PJO Ventures Limited, in 2014, took possession of the sum of N6billion that was paid into the account of the company from Best worth Insurance Brokers Limited, being part of funds that were earmarked for the payment of outstanding insurance premium claims of deceased and incapacitated staff of Power Holding Company of Nigeria, PHCN. EFCC alleged that Defendant used the fund and acquired several landed properties in highbrow areas in Lagos and Ibadan, Oyo State.

Now, she is being tried along with PJO and Insurance Resourcery and Consultancy Services Limited before Justice U. P. Kekemeke of the Federal Capital Territory High Court in Maitama, Abuja.

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

EFCC said 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.

Kekemeke adjourned until January 20, 2022 for commencement of trial.