The Economic and Financial Crimes Commission (EFCC) has arraigned Mrs. Ngozi Olejeme, former board chairman of the Nigeria Social Insurance Trust Fund (NSITF), over allegations of money laundering and misappropriation involving ₦1 billion.
Olejeme appeared before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, on Wednesday, October 8, 2025, where she faced an eight-count charge bordering on money laundering, conversion, and unlawful possession of funds.
According to the EFCC, the former NSITF chair allegedly converted and transferred proceeds of unlawful activities while in office. One of the charges accused her of indirectly converting ₦321.6 million through ADIN Miles International Ltd in February 2012, in violation of the Money Laundering (Prohibition) Act, 2011 (as amended).
Another count alleged that Olejeme procured one Chuka C. Eze to convert $2 million into naira for payment to ADIN Miles International Ltd, knowing the funds were proceeds of illegal activity.
During her arraignment, Olejeme pleaded not guilty to all charges. The prosecution counsel, Emenike Mgbemele, requested a trial date and stated that 14 witnesses would testify against the defendant. Her defense counsel, Emeka Ogboguo, SAN, urged the court to consider her bail application.
Justice Emeka Nwite granted her temporary release to her lawyer and adjourned the case to November 17, 2025, for hearing of the bail application.
In related developments, the EFCC has recently charged several individuals and companies for similar financial crimes. These include an accountant, Oguibe Promise Nkwachukwu of Travelstar Web Logistics Ltd, accused of stealing ₦200 million from his employer, and Mr. Samson Davies of Signature Advisory Ltd, charged with diverting ₦190.7 million from a construction company, Ronchess Global Resources Plc.
The EFCC disclosed that in one fiscal year, it recovered ₦364.5 billion, $326.5 million, and other foreign currencies, in addition to securing 4,111 convictions across various courts — underscoring its ongoing efforts to combat financial crimes in Nigeria.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
