Juliana Francis
The Legal Section of the Police Special Fraud (SFU) has charged Mr. Sikiru Olawale Olayinka along with his company, Excampo Nigeria Limited, to the Federal High Court, Ikoyi-Lagos, for offences bordering on fraudulent conversion and stealing of $123,000.00 USD, being money wrongly transferred into his company’s domiciliary account on the 5th of September, 2018.
The accused, on receipt of the funds into his account, within a twinkling of an eye, quickly visited the bank and transferred out $120,000.00 USD in two tranches into the accounts of his cronies.
The SFU Police Public Relations Officer (PPRO), a Superintendent of Police, Eyitayo Johnson, while confirming the incident said: “The bank made concerted efforts to recover the funds in order to channel same to the rightful account but Sikiru Olayinka refused and frustrated these efforts and continued to dissipate the money contrary to the provisions of Banks and Other Financial Institutions Act, 1991 and the Failed Banks Act, 1994.”
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