The Economic and Financial Crimes Commission (EFCC) has arraigned a former board chairman of the Nigeria Social Insurance Trust Fund (NSITF), Mrs. Ngozi Olejeme, for alleged involvement in a N1 billion fraud.
According to the EFCC, Olejeme was arraigned before Justice Emeka Nwite of the Federal High Court in Maitama, Abuja, on Wednesday, October 8, 2025, on an eight-count charge bordering on money laundering and conversion of funds.
The charges alleged that she converted, transferred, and took possession of proceeds of unlawful activities amounting to N1 billion.
Count one of the charges reads:
“That you Mrs. Ngozi Olejeme while being the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF) sometime in February 2012, in Abuja within the jurisdiction of this Honorable Court indirectly converted the sum of N321,600,000 (Three Hundred and Twenty-One Million, Six Hundred Thousand Naira) paid into the Sterling Bank plc account of ADIN MILES INTERNATIONAL LTD on 9th of February 2012 knowing that the funds constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 15(2)(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 (As amended by Act No.1 of 2012).”
Count five also stated:
“That you Mrs. Ngozi Olejeme while being the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF) on or about the 9th of February, 2012 in Abuja within the jurisdiction of this Honorable Court procured Chuka C. Eze to convert the sum of $2,000,000 (Two Million Dollars) into Naira for payment to ADIN MILES INTERNATIONAL LTD when you knew that the said $2,000,000 constituted proceeds of unlawful activity and thereby committed an offence contrary to Section 18(c) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012).”
Court proceedings
Olejeme pleaded not guilty to all the charges when they were read to her. Following her plea, the prosecution counsel, Emenike Mgbemele, asked the court for a trial date and indicated the EFCC’s plan to call 14 witnesses to testify in the case.
However, the defense counsel, Emeka Ogboguo, SAN, drew the court’s attention to a pending bail application, urging the court to grant his client bail pending trial.
Justice Emeka Nwite released the defendant to her counsel and adjourned the case to November 17, 2025, for hearing of the bail application.
What you should know
The anti-graft agency recently charged an accountant, Oguibe Promise Nkwachukwu of Travelstar Web Logistics Limited, alongside his company, Wifamapp Royalty Global Limited, for allegedly stealing N200 million belonging to his employer.
- The Lagos Zonal Directorate 1 of the EFCC also arraigned Mr. Samson Davies and his firm, Signature Advisory Limited, before Justice Mojisola Dada of the Special Offences Court in Ikeja for allegedly stealing N190.7 million from Ronchess Global Resources Plc, a construction company.
- The EFCC said the defendants dishonestly converted the funds between October 2022 and October 2023, and both pleaded not guilty to the charges.
- Nairametrics reported that in one fiscal year, the EFCC recovered N364.5 billion and $326.5 million, along with other foreign currencies and seized assets. The Commission also secured 4,111 convictions across various courts within the same period, reflecting a sustained crackdown on corruption and financial crimes nationwide.
