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The Economic and Financial Crimes Commission, EFCC, on Thursday, arraigned a director of the defunct Abiodun Hassan before Justice Sylvanus Oriji of the FCT High Court, Apo, for alleged misappropriation of over N10.2billion.
Hassan was arraigned alongside his company, Bestworth Insurance Brokers Limited, on alleged misappropriation of fund.
The defendants were arraigned on a five-count charge bordering on criminal breach of trust and cheating.
According to reports, Hassan is the first defendant in the suit, while the company, Bestworth Insurance Brokers Limited is the second defendant.
In the charge, the prosecution alleged that the sum of N26.2billion was entrusted to the defendants by Central Bank of Nigeria, CBN, being insurance claim for defunct Power Holding Company of Nigeria PHCN, deceased and incapacitated staff.
The prosecution in the charge also alleged that, at various times, the sum of N2.5billion, N1billion, N118million, N30million and N6.6billion were misappropriated from the N26.2billion by the defendants.
After all the counts were read to him, Hassan pleaded not guilty.
The EFCC counsel, Benjamin Manji, prayed the court to remand him in custody pending the determination of the matter.
Hassan counsel, Adeolu Salako however, informed the court that he had a motion for bail for his client before it.
Salako, also urged the court to allow him to be kept at the EFCC custody, while praying the court to grant his application for bail.
Justice Oriji, however adjourned the matter until March 4, for hearing of the motion for bail.