A 25-year-old woman, identified as Egenio Isioma, has been arraigned before a Lagos court for allegedly stealing $292,876 (over N460 million) belonging to Vallente Capital Limited.
The incident, according to police reports, occurred in March 2025 at the company’s office on Raymond Njoku Street, Ikoyi, Lagos. Investigators allege that Isioma, in collaboration with others still at large, conspired to divert the funds in violation of the Lagos State Criminal Law.
Although police have not disclosed Isioma’s exact role within the company or how she gained access to such a large sum, the missing money was uncovered during an internal audit and later traced to her. Unable to provide a satisfactory explanation, she was arrested by operatives of the State Criminal Investigation Department (SCID), Yaba, and subsequently charged.
She was brought before the Yaba Magistrate Court, where she faced two counts bordering on conspiracy and theft. One of the charges read:
“That you, Egenio Isioma and others at large, on or before the 25th of March, 2025, at Raymond Njoku Street, Ikoyi, Lagos, did conspire amongst yourselves to commit felony to wit stealing, and thereby committed an offence punishable under Section 411 of the Criminal Law of Lagos State of Nigeria, 2015.”
Another charge accused her of stealing the sum of $292,876, property of Vallente Capital Limited, contrary to Section 287 (7) of the same law.
Isioma, however, pleaded not guilty.
The prosecuting officer, Supol Thomas Nurudeen, requested the court to fix a date for hearing to enable the police to present evidence against the defendant.
Presiding Magistrate, Mrs. A.O. Alaka, granted bail with stringent conditions, including verified sureties who must present evidence of tax payment and credible means of livelihood. Pending the fulfillment of these conditions, Isioma was remanded at the correctional facility.
The case has been adjourned for further mention.
