A 48-year-old company manager, Adeyemi Adenikinju, was arraigned on Thursday before an Iyaganku Chief Magistrates’ Court in Ibadan over allegations of defrauding and stealing goods and money worth N7.1 million from his employer.
The police charged Adenikinju with four counts, including stealing, fraud, and fraudulent conversion.
According to the Prosecuting Counsel, ASP Tunji Olaniyan, the defendant allegedly misappropriated N3 million from his employer’s funds between 2022 and December 3, 2024. In addition, he reportedly stole a chest freezer, a Scanfrost refrigerator, and a 40-inch television, collectively valued at N493,000, from the company.
Olaniyan further alleged that on November 28, 2024, Adenikinju fraudulently obtained N3.7 million from Jaffis Merchandise Nigeria Limited under the pretense of purchasing stock and paying workers’ salaries. Instead, the sum was allegedly converted to his personal use.
The court heard that Jaffis Merchandise Nigeria Limited, located in the Yemetu area of Ibadan, was represented in court by Sammy Olusanya. The offences contravene Section 383 and are punishable under Sections 390(6) and (9), and 419 of the Criminal Code Laws of Oyo State, 2000.
Adenikinju pleaded not guilty to the charges.
Presiding Magistrate M. Mudashiru granted the defendant bail in the sum of N2 million, with two sureties of the same amount. The court directed that one surety must be a blood relative of the defendant, while the other must be a company director registered with the Corporate Affairs Commission (CAC).
The case was adjourned until April 16 for hearing.
