EFCC Arraigns Ex-NSITF Boss Ngozi Olejeme on $2 Million, N1 Billion Fraud Allegations.

ABUJA — The Economic and Financial Crimes Commission (EFCC) has formally initiated criminal proceedings against Ngozi Olejeme, the former board chairman of the Nigeria Social Insurance Trust Fund (NSITF), over alleged involvement in a sprawling financial fraud scheme.

Olejeme was arraigned on Wednesday before Justice Emeka Nwite of the Federal High Court in Abuja on an eight-count charge bordering on the conversion, transfer, and illegal possession of proceeds from unlawful activity, totaling approximately N1 billion and an alleged $2 million conversion.

The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed the arraignment in a statement released on Friday.

The Charges: Conversion and Procurement

The core of the EFCC's case centers on allegations that Olejeme used her position as NSITF Board Chairman to manipulate public funds for private benefit. Two specific counts highlight the nature of the alleged transactions:

1. Direct Conversion (Naira): The prosecution alleges that Mrs. Olejeme, in February 2012, indirectly converted N321.6 million by paying the sum into the Sterling Bank account of a company identified as ADIN MILES INTERNATIONAL LTD. The EFCC contends that Olejeme knew these funds constituted proceeds of unlawful activity, violating the Money Laundering Act.

2. Procurement for Conversion (Dollars): Another count accuses Olejeme of procuring a co-conspirator, Chuka C. Eze, on or about the same date in February 2012, to convert $2 million (Two Million Dollars) into Naira. This converted sum was also allegedly paid to ADIN MILES INTERNATIONAL LTD, with Olejeme knowing the funds were derived from illegal sources.

The charges were brought under Sections 15(2)(b), 15(3), and 18(c) of the Money Laundering (Prohibition) Act, 2011 (as amended).

Plea and Bail Proceedings

When the charges were read in court, Mrs. Olejeme entered a plea of not guilty to all eight counts.

Following her plea, the prosecuting counsel, Emenike Mgbemele, announced his intention to call 14 witnesses to present the Commission's case and requested a trial date.

However, defense counsel, Emeka Ogbogulo, SAN, immediately moved a bail application, urging the court to grant the former chairman temporary release ahead of the trial.

Justice Nwite granted the defendant interim freedom, releasing her to her counsel pending the formal hearing of the bail application. The judge subsequently adjourned the matter to November 17, 2025, for the full hearing and determination of the bail request.

The arraignment marks a significant step in the high-profile case involving alleged widespread corruption within the NSITF.

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