Justice U. P. Kekemeke of the Federal Capital Territory High Court in Maitama, Abuja, has granted the Managing Director of PJO Ventures Limited, Cecilia Osipitan N500million bail with two sureties in like sum.
The judge gave the bail ruling shortly after her arraignment along with PJO and Insurance Resource and Consultancy Services Limited by the Economic and Financial Crimes Commission, EFCC.
EFCC had filed nine-count charges against the defendants which borders on criminal breach of trust, conspiracy and conversion of public funds to the tune of six billion naira.
According to EFCC, the money was meant for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of the defunct Power Holding Company of Nigeria (PHCN).
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Osipitan’s offence was said to have contravened Section 311 of the Panel Code Act Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004 and punishable under Section 312 of the same Act.
The defendants pleaded not guilty to all the nine counts charges levelled against them.
Ruling on the bail application, the judge noted that the sureties must be federal civil servant, a religious leader or a member of the National Assembly residing and own landed properties in Abuja.
The matter was subsequently adjourned till January 20, 2022 for commencement of trial.
