It was learnt that Peters, who lived on Ojelade Street, Jibowu, was employed as a supervisor by the company in 2013.
He was alleged to have collected N4.5m from some clients between 2014 and 2016, without remitting the money into the company’s account.
A Punch correspondent was told that the suspect fled with the money after the fraud was uncovered, just as the case was reported to the Zone 2 Police Command, Onikan.
“He was tracked down to his hideout and arrested on December 3, 2016,” a police source said.
The defendant was arraigned on Friday on one count of theft.
The charge read, “That you, Emmanuel Peters, between 2014 and April, 2016, in Lagos, in the Lagos Magisterial District, did steal the sum of N4,500,000, property of Mutual Benefits Assurance Plc, thereby committing an offence punishable under Section 285 (8) of the Criminal Law of Lagos State, Nigeria, 2011.”
The defendant pleaded not guilty to the charge and elected summary trial.
His defence counsel, H.C. Ufondu, pleaded that he be granted bail in liberal terms, which was not opposed by the police prosecutor, Inspector Abass Abayomi.
The Magistrate, Mrs. A.O. Komolafe, admitted him to bail in the sum of N1m with two sureties each in like sum.
“The sureties must be gainfully employed with evidence of tax payment for three years. The addresses of the sureties must be verified by the police,” the magistrate added.
The case was adjourned till January 31, 2017 for mention.