An Osun State Magistrates’ Court sitting in Osogbo on Tuesday remanded 25-year-old Yusuf Ibrahim in prison custody for allegedly misappropriating N8.9 million in sales proceeds, which he reportedly used for stake betting.
Ibrahim appeared in court alongside two companions, 23-year-old Azeez Olaide and Ojo Tolulope, facing eight counts of conspiracy, forgery, and theft.
According to the prosecution, the three individuals allegedly collaborated in criminal acts.
The Police prosecutor, Babatunde Oluokun, told the court that the alleged offences occurred on January 16, 2024, at Lead Warehouse in Ofatedo, Osogbo.
Oluokun explained that Ibrahim, the company’s inventory officer, fraudulently created and forged invoice documents using his mobile phone (Samsung 29).
He did so under the guise of obtaining funds from Musbau Olamilekan, the Chief Executive Officer of Lead Warehouse and Supermarket.
The prosecutor emphasised that the acts committed by the accused contravened several sections of the Criminal Code, specifically Sections 467, 419, 390(9), and 383(1) of the Criminal Code Cap 34, Vol II, Law of Osun State, Nigeria (2002).
These provisions relate to obtaining property by false pretences, forgery, and conspiracy to commit criminal acts.
All three defendants pleaded not guilty when the charges were read to them.
During the proceedings, Yusuf Ibrahim admitted to the court that he had used the entire sum of the money at stake in betting, shedding light on the alleged motive behind the offence.
The defendants’ lawyer, Barrister Z.T. Apo, immediately filed an oral bail application, urging the court to grant the accused persons release on liberal terms, arguing that they were entitled to the presumption of innocence while awaiting trial.
However, the presiding Magistrate, Dr. Olusegun Ayilara, denied the oral bail request, stating that a formal bail application must be submitted for consideration.
He further directed that the accused be remanded in prison custody pending the formal bail hearing.
The court adjourned the matter to September 29, 2025, for mention, allowing both prosecution and defence time to prepare further documentation and arguments.
This case has drawn attention to the increasing scrutiny of employees’ handling of company finances, particularly in cash management roles, and highlights the legal consequences of fraudulent activities.