The Nigeria Police Force, Zone 2 Command, has arraigned a 32-year-old man, Fakayode Kabiru, before a Lagos court over the alleged diversion of ₦30 million obtained from a businessman under the guise of an investment with Heirs Insurance.
Kabiru is facing a two-count charge of obtaining money under false pretences and stealing, offences said to be contrary to Sections 314 and 287 of the Criminal Law of Lagos State, 2015.
The prosecution alleged that the defendant committed the offences in March 2024 in Mushin, Lagos, by falsely presenting himself as a staff member of Heirs Insurance and persuading the complainant, Abayomi Fatile, to release the money for investment.
According to the charge, Kabiru allegedly used his former employer’s name to convince Fatile that the proposed investment was genuine before diverting the funds for personal use.
The arraignment followed a petition submitted by Fatile to the Commissioner of Police, Lagos State Command, in which he accused the defendant of fraud, criminal breach of trust and obtaining money under false pretences.
In the petition, the businessman said Kabiru approached him between March and April 2024, claiming to be an employee or authorised representative of Heirs Insurance, which he described as a sister company of United Bank for Africa.
Fatile alleged that the defendant proposed two investment arrangements and assured him that the funds would be invested under agreed terms.
He said he subsequently paid a total of ₦30 million in two transactions. The first payment of ₦10 million was intended for a six-month investment with agreed interest, while the remaining ₦20 million was meant for a fixed-deposit arrangement with monthly returns.
The complainant further alleged that Kabiru gave him unusual payment instructions, directing that part of the money be transferred into an account purportedly belonging to the insurance company and the balance into his personal account.
When questioned, the defendant allegedly insisted that the payment procedure was in line with the company’s standard practice.
Fatile claimed that Kabiru initially made occasional interest payments but later stopped, raising concerns about the investment and the whereabouts of the principal sum.
By December 2025, the outstanding interest had reportedly risen to ₦7 million. The complainant said repeated demands for repayment yielded no result, as the defendant allegedly failed to refund the principal or explain how the funds were used.
He consequently petitioned the police, requesting investigation, recovery of the ₦30 million principal and the outstanding ₦7 million interest, as well as prosecution if evidence of criminal wrongdoing was established.
The police subsequently filed the two-count charge against Kabiru. The criminal charges relate to the alleged ₦30 million principal, while the additional ₦7 million represents interest claimed by the complainant.
The allegations concern the defendant’s purported use of Heirs Insurance’s name. The information available does not establish that the company authorised the transaction or participated in the alleged dealings.
The matter has been adjourned until November 19, 2026, for further proceedings.
Kabiru is presumed innocent until proven guilty by a court of competent jurisdiction.
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