The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned the Managing Director of PJO Ventures Limited, Cecilia Osipitan and her company, PJO Ventures Limited, and Insurance Resourcery and Consultancy Services Limited before Justice U.P Kekemeke of the Federal Capital Territory High Court, Maitama, Abuja on a nine-count charge bordering on criminal breach of trust, conspiracy and conversion of public funds to the tune of N1.12 billion.

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).

The offence contravenes 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.

One of the counts read: “That you Cecilia Osipitan being the managing director of PJO Limited, PJO Limited and Insurance Resourcery and Consultancy Services Limited sometime between 14th May, 2015 and 10^th December 2015 in Abuja, within the jurisdiction of this Honourable Court, while being entrusted the sum of N6 billion only transferred to PJO Ventures Limited’s Skye Bank ACCOUNT NO: 17711645235 by Bestworth Insurance Brokers Limited for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company Of Nigeria (PHCN), did dishonestly convert to your own use the sum of N1,120,000,000 only out of the said N6 billion only when you transferred same to Tokunbo Talabi which represents payment for 25% shares of Great Nigerian Insurance Plc which you acquired from him, in violation of the legal contract which you made touching on the discharge of the said trust and thereby committed an offence contrary to 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”.

After the charges were read to her, the defendant pleaded not guilty.

Justice Kekemeke granted her bail in the sum of N500 million with two sureties in like sum. The sureties must be either federal civil servant, Imam, Pastor, or member of the National Assembly residing in the Federal Capital Territory and own landed properties in Abuja.

The judge also ruled that the defendant be released to her counsel while she was given seven days to fulfil the bail conditions.

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

Osipitan and her company, PJO Ventures Limited were earlier arraigned on March 26, 2021 on a nine-count charge of money laundering before Justice Inyang Ekwo of the Federal High Court, Abuja.