Abiodun Waheed Hassan, an insurance broker, has been remanded for allegedly misappropriating over N26 billion pension fund of the defunct Power Holding Company of Nigeria (PHCN).
Hassan was arraigned on Thursday alongside his firm, Bestworth Insurance Brokers Limited, before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja, by the Economic and Financial Crimes Commission (EFCC), on a five-count charge.
He was said to have allegedly diverted large sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of PHCN into the corporate account of entities.
In one of the charges, the insurance broker is being accused of diverting N26 billion paid into the insurance firm’s account on January 25, 2015.
Count five of the charge also alleged that he misappropriated N6 billion.
He, however, pleaded “not guilty” to the charges.
Oriji adjourned the matter till March 4, 2021, for hearing on the defendant’s bail application.
He ordered Hassan’s remand in EFCC custody.