Ex-NSITF Chief Ngozi Olejeme Arraigned on N1bn Fraud Charges

The Economic and Financial Crimes Commission, or EFCC, has charged Ngozi Olejeme, a former board chairman of the Nigeria Social Insurance Trust Fund, or NSITF, with N1 billion fraud in an Abuja Federal High Court.

In a statement released on Friday, EFCC spokesperson Dele Oyewale revealed that she had been charged with eight counts related to the conversion, transfer, procurement, and possession of N1 billion in proceeds of illicit activities.

As stated in the statement, “Count one of the charges reads, “That you, Mrs. Ngozi Olejeme, while serving as the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF) 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 Naira) paid into the Sterling Bank plc account of ADIN MILES INTERNATIONAL LTD on February 9, 2012, knowing that the funds constituted proceeds of unlawful activity, you committed an offense against Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012).”

The charge’s count five stated, “That on or around February 9, 2012, in Abuja, within the jurisdiction of this Honorable Court, you, Mrs. Ngozi Olejeme, as the Board Chairman of the Nigeria Social Insurance Trust Fund (NSITF), procured Chuka C. Eze to convert the sum of $2,000,000 (two million dollars) into Naira for payment to ADIN MILES INTERNATIONAL LTD., knowing that the said $2,000,000 constituted proceeds of unlawful activity and thereby committed an offense against Section 18© and punishable under Section 15(3) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012).”

According to the statement, after being read all of the allegations, she entered a not guilty plea, prompting prosecuting attorney Emenike Mgbemele to request a trial date so that 14 witnesses could be called.

Nonetheless, defense attorney Emeka Ogbogulo, SAN, brought the court’s attention to a bail request and prayed that the defendant be granted bail until the trial.

In addition to releasing the defendant to her attorney, Justice Nwite postponed the case until November 17, 2025, so that the bail application could be heard.