Insurance marketer arraigned for diverting N3m customers’ deposits

A marketer with Mutual Benefit Assurance Plc, Babalola Muyideen, has been accused of diverting customer's funds to private use.

Muyideen, 42, was said to have collected N3.32m from many clients on behalf of the firm.

The police said the defendant failed to remit to money to the company's account.

The police added that the suspect committed the offence between 2012 and 2014.

They explained that during the period, clients who purchased various insurance policies made payments to the firm through its representative, Muyideen.

The insurance marketer was arrested by the police arraigned on two counts before a Lagos Senior Magistrate's Court, Oshodi, Lagos.

The charges read in part, "That you, Babalola Muyideen, between 2012 and 2014 on Town Planning Way, Ilupeju, in the Lagos Magisterial District, being a marketer to Mutual Benefit Assurance Plc., did obtain the sum of N3,320,000 from customers under the pretext of remitting the amount into the company's account which you failed to do."

The offence was said to be punishable under sections 312 (1) and 285 (7) (1) of the Criminal Law of Lagos State of Nigeria, 2011.

Muyideen pleaded not guilty when the charges were read to him.

He was subsequently admitted to bail by the magistrate, L. A. Owolabi, in the sum of N300,000 with two sureties in like sum.

The magistrate ordered that one of those who would stand surties for the defendant must be his relation and must have been paying tax.

"One of the sureties must be a blood relation to the defendant and must be over 40 years old. Both sureties must show evidence of three years tax payment to the Lagos State Government," Owolabi said.

The case was subsequently adjourned till March 6, 2015.