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| Accountant, Oguibe Nkwachukwu Arraigned by EFCC |
The Economic and Financial Crimes Commission (EFCC) has brought formal charges against an accountant, Oguibe Nkwachukwu, and his company, Wifamapp Royalty Global Limited, before the Lagos State High Court in Ikeja for the alleged theft of approximately N200 million.
The anti-graft agency, in a statement released on Monday, detailed that the defendant is accused of siphoning the massive sum from his employer, Travelstar Web Logistics Limited, where he served as an accountant.
The Charges: 13 Counts of Stealing and Dishonest Conversion
The presiding judge, Justice Rahman Oshodi, listened as the EFCC prosecutor read out a 13-count charge sheet against Mr. Nkwachukwu and his company. The core of the allegation is that the accountant diverted various sums of money entrusted to him into personal accounts under the guise of legitimate business transactions.
This case highlights the severe risks of internal financial fraud that companies face, even from trusted employees in key positions.
Breaking Down the Multi-Million Naira Allegations
The charges paint a picture of systematic fund diversion over a period of time. Two of the most significant counts include:
- Count One: The $36,000 (N54 Million) Conversion: The EFCC alleged that Mr. Nkwachukwu, acting as the "alter ego" of his company, Wifamapp Royalty Global Limited, dishonestly converted $36,000 (approximately N54 million) belonging to Travelstar Web Logistics. This company was incorporated in March 2020.
- Subsequent Count: The $156,000 (N146 Million) Conversion: In a separate but related count, the defendant is accused of converting an additional $156,000 (about N146 million) from the same logistics company. This alleged activity took place between January and July 2018, predating the incorporation of his own company.
The Modus Operandi: A Betrayal of Trust
According to the prosecution, Mr. Nkwachukwu exploited his trusted position as an accountant at Travelstar Web Logistics. He is alleged to have manipulated company finances by funneling funds into his personal accounts and those of his company, Wifamapp Royalty Global Limited, while falsely recording these transfers as legitimate business expenses or transactions.
This case serves as a stark reminder for businesses to implement robust internal financial controls and conduct regular audits to prevent such sophisticated embezzlement.
What’s Next in the Case?
With the arraignment complete, the legal process will proceed. The defendant will have the opportunity to enter a plea, and the EFCC will be tasked with presenting evidence to prove the charges of stealing and dishonest conversion beyond a reasonable doubt.
This case is being closely watched as part of the EFCC's ongoing efforts to combat high-level corporate fraud and financial crimes in Nigeria
FAQs: EFCC vs. Oguibe Nkwachukwu & Wifamapp Royalty Global Ltd
Q1: Who is Oguibe Nkwachukwu and what is he accused of?
A1:
Oguibe Nkwachukwu is an accountant accused by the EFCC of stealing
approximately N200 million from his employer, Travelstar Web Logistics
Limited, through dishonest conversion of funds.
Q2: What company is involved in the EFCC case?
A2:
The case involves Travelstar Web Logistics Limited (the victim) and
Wifamapp Royalty Global Limited (the company owned by the accused, used
in the alleged crime).
Q3: What are the specific charges against them?
A3:
They face 13 counts of stealing and dishonest conversion, including the
alleged conversion of $36,000 (N54m) and $156,000 (N146m) belonging to
Travelstar.
Q4: Before which court and judge was the case arraigned?
A4: The case was arraigned before Justice Rahman Oshodi at the Lagos State High Court in Ikeja.