Local News

CEO arrested for spending $123,000 mistakenly paid into his account


The Legal Section of the Nigeria Police Special Fraud Unit has charged Sikiru Olawale Olayinka along with his company, Excampo Nigeria Limited, to the Federal High Court, Ikoyi, Lagos for offences bordering on fraudulent conversion and stealing of $123,000 being money wrongly transferred into his company’s domiciliary account on September 5, 2018.


As soon as the fund hit his account, the accused transferred $120,000 in two tranches into accounts of his cronies.

The SFU Police Public Relations Officer, a Superintendent of Police, Eyitayo Johnson, confirmed the development.

Johnson said: “The bank made concerted efforts to recover the funds in order to channel same to the rightful account but Sikiru Olayinka refused and frustrated these efforts and continued to dissipate the money contrary to the provisions of Banks and Other Financial Institutions Act, 1991 and the Failed Banks Act, 1994.”


Click to comment

Leave a Reply

Your email address will not be published.

Most Popular

My vision is driven by the conviction that Governments primarily have responsibilities to perform and must be held to account on improved conditions that meet basic standards of living; employment generation and livelihoods sustainability; whilst balancing socio-cultural peculiarities of the various constituencies in the new world order.



Abiodun BORISADE is the last child of the 4 children of Late Justice Michael Ayorinde BORISADE and wife, Chief Mrs Oyeyemi BORISADE.
Abiodun holds a Bachelor of science degree in chemistry (1997 EKSU); A Masters degree in Environmental Management (Middlesex University, UK. 2002); A Post Graduate Certificate in Higher Education Lecturing (University of Bolton UK, 2006); A Post Graduate Diploma in Journalism (International Institute of Journalism, University of Maiduguri 2019).

Abiodun lectured in chemistry and general sciences at various renowned UK institutions including Hopwood Hall College, Middleton Greater Manchester; City & Islington College, London.

Abiodun BORISADE is Founder and Chief Executive Office of Elise Integrated Consult Nigeria Limited. A popular media brand www.abiodunborisade.com is also under his direct control.

Abiodun served as Technical Assistant to Ekiti government 2011, and is currently serving as special assistant on new media to ekiti state governor.

He is member to numerous reputable professional bodies within and outside Nigeria.

Copyright © 2021 Abiodun Borisade.

To Top
error: Content is protected !!