A 25-year-old sales manager, Olatunbosun Olarewaju, has been remanded in Ikoyi Prison after being accused of masterminding a shocking N32.2 million theft from his employer, just months after securing the job.
The police at Adeniji Adele Division, Lagos Island, said Olarewaju allegedly abused the trust of his boss, Mr Victor Ibe, by selling goods worth N32.2 million and diverting the proceeds into multiple personal accounts before disappearing.
According to police investigators, the lid was blown off the alleged scheme when Ibe conducted an audit and discovered a massive shortfall in stock value.
Acting swiftly, the Divisional Police Officer, DPO, launched an intelligence-driven manhunt that led to Olarewaju’s arrest at a hideout in Lagos.
Following the investigation led by Sergeant Abraham Friday, Olarewaju was arraigned before the Tinubu Magistrate’s Court, Lagos Island, on a two-count charge of conspiracy and stealing.
Prosecuting counsel, Inspector Ishola Samuel, told the court that the offences took place between August 2024 and April 14, 2025, at 23 Princess Street, Lagos Island.
He said Olarewaju, entrusted with managing and selling his employer’s goods, instead chose to divert millions of naira into his private coffers.
The offences, Samuel said, contravened Sections 411 and 287(7) of the Criminal Law of Lagos State, 2015.
Olarewaju, however, pleaded not guilty to the charges.
Presiding Magistrate A.A. Paul granted him bail in the sum of N1 million, with two sureties in like sum, but ordered his remand at the Ikoyi Correctional Centre until he meets the conditions.
The case has been adjourned until May 27, 2025, for further mention.
