Three staff members of the American International Insurance Company Limited, (AIICO), who had been accused of N1.5billion fraud on Wednesday were acquitted by Justice Oluwatoyin Taiwo of an Ikeja Special Offences court.
Justice Taiwo, in a ruling on a no-case submission filed by the defendants; Onome Harriet, Olajumoke Akano, Olabode Ogunlere and Lanre Fabunmi, the Former Managing Director of AIICO, who is on the run, said the three staff members had no case to answer.
She held that the prosecution had failed to prove the alleged offence against the defendants.
The judge believed that during the trial, the right prosecution witness who was an investigator had stated during cross-examination that he never came across any documents which showed that the defendants and former Managing Director of the company, Mr. Lanre Fabunmi had met and carried out an illegal act.
She also made reference to the evidence of the second prosecution witness who had stated that before any payment was made, it must have gone through its internal control client service before the Managing Director approves.
The court insisted that none of the defendants had shown to be part of internal control or hatching a plan to steal from the company with the managing director.
Taiwo stressed that believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they had connived with the Managing Director would of course be speculation on the part of the court.
“Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations, let alone conjectures that are ambiguously speculative.
“Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law. The suspicion remains suspicious and cannot graduate to convincing evidence no matter how grave the suspicion can be.
“See the case of Happy Kingsley Idemudia VS the State (2015) LPELR- 24835 (SC). Haruna VS State (2019) LPELR- 47805 (CA).
“It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates.” She said.
The judge stated that the prosecution was expected to prove that indeed there had been a meeting of minds between the defendants and the MD to commit the offence.
“The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves.
“In the final analysis, the case of the prosecution is riddled with speculations, half-truths and insufficient evidence to support the amended information.
“The case of the prosecution was thoroughly whittled down under cross-examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence.
“Consequently, having failed to establish a prima facie case against the defendants, the no-case submission made by the defendants is hereby upheld. The defendants are hereby discharged and acquitted,” Taiwo ruled.
The Economic and Financial Crimes Commission (EFCC) had indicted the defendants on a 22-count amended charge bordering on conspiracy, stealing, and dishonest conversion of funds for purpose of purchasing properties and converting funds belonging to the firm.
The defendants had pleaded not guilty to all the charges.
Mr. Rotimi Jacobs, SAN, lead prosecutor for the prosecution team had opened their case, calling eight witnesses with several documents presented as exhibits before they closed their case.
The prosecution had during the trial, told the court about the process of sales in the investment arm of AIICO. The first prosecution witness (Eguarekhide Longe) said that he worked with AIICO Pension.
Longe said the company sold insurance contracts and got money and investments, according to him, the Insurance group used a broad agency network to sell insurance contracts and for agency work done, the sales commission was paid to the agent, which was usually approved by the board and the Managing Director who could sign more than N5million.
Longe further informed the court that neither of the defendants was board members or directors of the company.
The counsel of the defendants, Mr. Adeyinka Olumide-Fusika, SAN, Mr. Tayo Oyetibo (SAN) and Dr. Muiz Banire, SAN, from first to third defendants respectively, had filed a no-case submission which was argued before the court after the prosecution closed its case.
The defence counsel submitted and drew the court’s attention to the evidence of prosecution witnesses during cross-examination, who had agreed to the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case.
They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits to see that the defendants hadn’t stolen or converted money belonging to the company, but that they were entitled to the sales commission, arguing that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff.
