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Enemy Within Salesman arrested for defrauding company of N22M

A salesman with a pharmaceutical company in Lagos State has been arrested after defrauding the company of N22 million over six years.

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James Babalola lived large by stealing from his company play

James Babalola lived large by stealing from his company

(New Telegraph)

A 43-year-old salesman with a pharmaceutical company, James Babalola, has been arrested by the Lagos State Police Command for allegedly diverting the company’s drugs worth N22 million.

New Telegraph reports that Babalola who had been working with the company, Pharmacy Plus, for several years, had been diverting the drugs for six years before his eventual arrest.

ALSO READ: “Enemies Within: Guards, workers steal drugs worth N56M from company”

After being caught, the company invited in an auditor who gave the value of the items Babalola had stolen to be worth the sum.

While confessing to the crime, Babalola reportedly said he used the money he made from the deal to acquire property, lived largely and pampered his wife.

It was learned that the police have so far, confiscated one of the properties acquired by the suspect.

A police source said:

“The suspect would have continued with the crime if not that the pharmaceutical company decided to audit its account.

His modus operandi was to use a pseudo third party name to collect the goods, but he’s actually the person collecting the goods. He also opened a third-party bank account.”

While confessing to the crime, the suspect allegedly said:

“I’m here because I owe Pharmacy Plus money. I have told them to give me time. I promise to refund them. I have been working for the company for six years.

They used to give me goods to sell. I’m a salesman. We sell drugs. I have been intercepting the delivery of the goods over the years with the aid of a pseudo third-party account.

I was only caught last month after the company’s account was audited. The reason I did it was because of properties. I needed more properties.”

He added that his wife, Funke, had often complained about the way he spent money, without knowing the money came about.

“Funke had been suspecting and complaining that I was spending beyond my monthly salary, but she didn’t stop accepting varieties of items I bought for her. I convinced her to believe the money was legit.

She didn’t know anything about any of this. I’m ashamed of myself. I regret everything.”

ALSO READ: “Badoo: Accountant kidnaps self after stealing N15M from company”

Babalola who said he used to earn N80, 000 monthly as a salesman and had an official car, added that he was not satisfied with his salary and that was the reason he decided to steal from his company.

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