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Manager faces trial over diversion of company’s N317m

A warehouse manager, Okunuga Rasheed Olamide, has been arrested and charged before Isolo Magistrates’ court for allegedly defrauding his employer to the tune of N317 million in Lagos State, western Nigeria.

Olamide was employed as a warehouse manager by a company called Purechem Manufacturing Limited with office at 123/132 Isolo-Apapa expressway by Iyana Isolo.

He was in charge of the company’s various goods in terms of sales and supply to customers.

After his employment, Olamide allegedly started selling the company’s goods and making false entry into the company’s computer system’s account.

P.M.NEWS gathered that Olamide was preparing and generating false way bill of the company’s goods as sales, but was allegedly secretly selling the goods without proper record.

This was going on until the management discovered the fraud and probed the whole transaction conducted by Olamide.

P.M.NEWS gathered that during the audit, it was discovered that Olamide had allegedly defrauded the company to the tune 0f N317 million.

When confronted with the facts, he did not give satisfactory answers to what happened to the money.

He was handed over to the police where he allegedly made a confessional statement, claiming that he sold some goods on credit basis without informing the management.

He was charged before the court with stealing under the Criminal Code.
When he was arraigned, Olamide pleaded not guilty.

The presiding Magistrate, Mrs Joy Ogbomoiko granted Olamide bail in the sum of N1 million with two sureties in like sum.

He was remanded in prison custody at Kirikiri pending when he will perfect his bail.

The matter was adjourned till 26 January, 2016.

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