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| Ngozi Olejeme. |
Former Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF), Ngozi Olejeme, has been arraigned by the Economic and Financial Crimes Commission (EFCC) before a Federal High Court in Abuja for allegedly misappropriating N1 billion.
The EFCC’s spokesperson, Dele Oyewale, disclosed this in a statement issued on Friday, stating that Olejeme was charged with an eight-count indictment involving the conversion, transfer, procurement, and possession of proceeds derived from unlawful activities amounting to N1 billion.
According to the statement, “Count one of the charge reads, ‘That you Mrs Ngozi Olejeme while being the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF) sometime in February 2012, in Abuja within the jurisdiction of this Honorable Court indirectly converted the sum of N321,600,000 (Three Hundred and Twenty One Million, Six Hundred Naira) paid into the Sterling Bank plc account of ADIN MILES INTERNATIONAL LTD in 9th of February 2012 knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 15(2)(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 (As amended by Act No.1 of 2012).’”
Count five of the charge stated, “That you, Mrs. Ngozi Olejeme, while being the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF) on or about the 9th of February, 2012, in Abuja within the jurisdiction of this Honourable Court, procured Chuka C. Eze to convert the sum of $2,000,000 (two million dollars) into Naira for payment to ADIN MILES INTERNATIONAL LTD when you knew that the said $2,000,000 constituted proceeds of unlawful activity and thereby committed an offence contrary to Section 18(c) and punishable under Section 15(3) of the Money Laundering (Prohibition Act, 2011, as amended by Act No. 1 of 2012).”
The EFCC noted that Olejeme pleaded not guilty to all the charges when they were read to her, prompting the prosecuting counsel, Emenike Mgbemele, to request the court to set a trial date and allow the prosecution to present 14 witnesses.
However, defence counsel, Emeka Ogbogulo (SAN), informed the court of a pending bail application and urged that his client be granted bail until the commencement of trial.
Justice Nwite granted temporary release of the defendant to her counsel and adjourned the case until 17 November 2025 for the hearing of the bail application.
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