EFCC Arraigns Cecilia Osipitan For N6bn PHCN Insurance Benefit Fraud

Cecilia Osipitan, the Managing Director of PJO Ventures Limited, has been charged by the Economic and Financial Crimes Commission (EFCC).

PJO and Insurance Resourcery and Consultancy Services Limited are on trial in Maitama, Abuja, before Justice U. P. Kekemeke of the Federal Capital Territory High Court.

Osipitan is accused of a nine-count allegation involving criminal breach of trust, conspiracy, and the misappropriation of N6 billion in public funds.

The money, according to the EFCC, was intended to settle unpaid insurance premiums and claims for deceased and incapacitated employees of the now-defunct Power Holding Company of Nigeria (PHCN).

Osipitan’s offense was penalized under Section 312 of the Panel Code Act, Cap 532 Laws of the Federation of Nigeria (Abuja) 2004.

When the charges were read to the defendant, he pled not guilty.

Justice Kekemeke set her bail at N500 million with two sureties in the same amount.

The sureties must be federal government employees, religious leaders, or members of the National Assembly who live in Abuja and own landed properties.

The trial of Kekemeke has been postponed until January 20, 2022.