Pastor Olumide Emmanuel Reveals How Staff Allegedly Diverted ₦800m

Pastor and entrepreneur Olumide Emmanuel has recounted how alleged financial misconduct by some members of his staff caused his business to lose more than ₦800 million and later left him with debts running into billions of naira.

Speaking about lessons from his business experience, Emmanuel said some employees allegedly exploited company documents that had been signed for legitimate banking transactions.

He claimed the employees used the documents to create another account without his knowledge. According to him, more than ₦800 million was later diverted through the account.

Emmanuel also linked the alleged fraud to unused company invoices. He explained that his business produced invoice booklets in large quantities, which some employees allegedly used to collect money from customers.

He said the customers received invoices and receipts that appeared genuine because they carried the company’s details. However, Emmanuel claimed the payments did not reach the business.

He said the extent of the alleged financial misconduct became clearer when customers began presenting the documents to the company. By then, he said, the business faced debts exceeding ₦8 billion.

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Emmanuel further disclosed that he spent about 11 months undergoing an anti-fraud investigation. He said the process affected the company’s operations as its accounts and activities came under scrutiny.

The pastor also recalled a meeting involving senior company officials, a lawyer and police officers after two people were allegedly identified in connection with the scheme.

He said the meeting produced a plan for police officers to visit the suspects the following morning. However, Emmanuel claimed the suspects had already packed their belongings and left the previous night.

He questioned how the suspects allegedly became aware of the planned operation. According to him, only five people attended the meeting where the information was discussed.

Emmanuel said the experience taught him difficult lessons about business, trust and financial controls. He used the incident to highlight the risks business owners can face when employees gain access to sensitive company documents and financial processes.

source: Kingdomboiz Blog