“₦30m Investment Allegedly Diverted” — Police Arraign Man Over Heirs Insurance Job Impersonation, Fraud And Stealing

The Nigeria Police Force, Zone 2 Command, has arraigned a 32-year-old man, Fakayode Kabiru, before a Lagos court over allegations that he fraudulently obtained and converted ₦30 million belonging to a businessman, Abayomi Fatile, under the pretence of investing the money with Heirs Insurance.

The defendant was arraigned on a two-count charge bordering on obtaining money under false pretences and stealing, contrary to Sections 314 and 287 of the Criminal Law of Lagos State, 2015.

According to the charge, Kabiru allegedly committed the offences in March 2024 in the Mushin area of Lagos State, within the Lagos Magisterial District.

The prosecution alleged that the defendant obtained the sum of ₦30 million from Fatile after falsely representing himself as a staff member of Heirs Insurance and promising to deposit the money with the company for investment purposes.

The police further alleged that Kabiru used the name of his former employer to convince the complainant to release the money.

In the second count, the prosecution accused the defendant of stealing the same ₦30 million by allegedly converting the funds to his personal use, contrary to Section 287 of the Criminal Law of Lagos State, 2015.

The prosecution is being handled by Sadiq Adewale, with the matter listed under the District Prosecutors, Lagos Island Office, Directorate of Public Prosecutions, Lagos State Ministry of Justice.

The arraignment followed a petition submitted by the complainant, Fatile, to the Commissioner of Police, Lagos State Police Command, Ikeja, accusing Kabir Babalola Fakayode of obtaining money under false pretences, criminal breach of trust and fraud.

In the petition, Fatile alleged that sometime between March and April 2024, the suspect approached him and presented himself as a legitimate employee or authorised agent of Heirs Insurance, which he described as a sister company of United Bank for Africa (UBA).

According to the businessman, the defendant proposed an investment arrangement through the insurance company and assured him that the funds would be invested under agreed terms.

Fatile stated that he relied on the representations made by the suspect and consequently released a total of ₦30 million in two separate transactions.

He explained that ₦10 million was intended for a six-month investment arrangement with an agreed interest payment, while the remaining ₦20 million was to be placed in a fixed deposit investment with a specified monthly interest.

The complainant alleged that the defendant subsequently issued irregular payment instructions, directing him to transfer part of the investment funds into an account purportedly belonging to the company and the remaining portion into his personal bank account.

Fatile claimed that when he questioned the arrangement, the suspect insisted that the payment procedure was consistent with the company’s standard operating practice.

He further alleged that Kabiru initially made occasional interest payments, which appeared to support the investment arrangement, but later stopped honouring the agreed payment schedule.

According to the petition, the defendant’s alleged failure to continue the payments raised concerns about the status of the investment and the whereabouts of the principal sum.

Fatile disclosed that by December 2025, the outstanding accrued interest on the investment had risen to ₦7 million.

He stated that despite repeated demands for repayment, the suspect allegedly failed to refund the ₦30 million principal or provide a satisfactory explanation of how the money had been utilised.

The businessman maintained that several efforts to recover his investment were unsuccessful, prompting him to seek police intervention.

In his petition, Fatile requested a thorough investigation into the alleged transactions, the recovery of the ₦30 million principal and the ₦7 million outstanding accrued interest.

He also urged the police to prosecute the suspect if the investigation established a prima facie case of criminal wrongdoing.

Following the petition and subsequent investigation, the police instituted a two-count charge against Kabiru, accusing him of obtaining the investment funds under false pretences and converting the money to his personal use.

The criminal charges specifically concern the alleged ₦30 million principal, while the additional ₦7 million represents accrued interest claimed by the complainant in his petition.

The allegations involving Heirs Insurance relate to the defendant’s purported representations to the complainant. The material provided does not establish that Heirs Insurance authorised the investment arrangement or participated in the alleged transactions.

The matter has been adjourned until November 19, 2026, for further proceedings.

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