N300M fraud bombshell: Cashier, storekeeper, 2 others remanded in Lagos mega theft

By Paul Iyoghojie

A cashier with Kayjay Zenith Limited, Zubair Abdulrasag, alongside three other employees, has been arraigned for allegedly orchestrating a jaw-dropping N300 million fraud against their employer.

The quartet—Abdulrasag, fellow cashier Ojo Oluwaseyi, storekeeper Usman Otaru Jamiu, and one Paul Opeyemi—were arrested by detectives from the Force Criminal Investigation Department (FCID), Alagbon Close, Ikoyi, after a high-level investigation into the alleged corporate heist.

According to police, Abdulrasag and others allegedly conspired over a period spanning from 2021 to 2025 to sell off massive quantities of Golden Penny flour, spaghetti, and other food items belonging to their employer, but never remitted the proceeds.

Instead, they allegedly pocketed the staggering N300 million, while feeding the company false remittance claims and forged payment receipts to cover their tracks.

The alleged fraud unravelled after an internal audit blew the lid off the deception. The company reportedly found that none of the N300 million supposedly remitted by the suspects had entered its accounts.

Shocked and enraged, the company petitioned the FCID. In swift response, a crack team led by DSP Ndamodu Abdulmalik tracked down the suspects and took them into custody.

They were subsequently dragged before the Igbosere Magistrate’s Court sitting at Tinubu Magistrate’s Court on a two-count charge of conspiracy and stealing.

Police Prosecutor, Reuben Solomon—representing FCID Legal Officer Morufu Animashaun—informed the court that the suspects’ betrayal of their employer’s trust amounted to a grievous criminal breach, punishable under Sections 411 and 287(7) of the Lagos State Criminal Law, 2015.

The defendants pleaded not guilty.

Presiding Magistrate, Mrs. N.O. Wahab, granted each defendant bail in the sum of N5 million with two sureties each in like sum. However, until the conditions are met, they will remain remanded at the Ikoyi Correctional Centre.

The case was adjourned till April 24, 2025, for mention.