Tobi Soniyi
A Federal High Court in Lagos, has dismissed a bankruptcy petition filed against the former Managing Director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of N50,000, against the Insurance firm that wrote the petition against Oyefeso.
In its statement of facts, Staco Insurance had alleged that while in office, the Managing Director/Chief Executive Officer of the company, Dr Oyefeso obtained unauthorised loans in the name of the company and converted same. He was also accused making illegal expenditures to himself, his relatives and other third parties from the funds of the company.
The company said the alleged irregularities were discovered in the course of the forensic audit carrie…
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