An insurance broker named Abiodun Waheed Hassan, alongside his firm, Bestworth Insurance Brokers Limited, was arraigned on Thursday, February 25, on a five-count charge of misappropriating over N26billion PHCN pension fund.

Hassan was arraigned by the Economic and Financial Crimes Commission (EFCC), before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja.

Abiodun allegedly diverted humongous sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.

In one count of the charge, the insurance broker diverted N26 billion paid into the insurance firm account into another bank account on January 25, 2015. Count five of the charge alleged that Abiodun misappropriated six billion naira.

He, however, pleaded not guilty to the charges.

Justice Oriji adjourned the matter till March 4, 2021 for hearing on the bail application and remanded defendant in EFCC custody.