Two Nigerian Men Arrested For Stealing N300million From Employer To Fund Sports Betting Spree

LAGOS, Nigeria July 10, 2025

Two men, identified as Tomisin, 35, and Yaya, 23, were arrested in Ogun State for allegedly embezzling ₦300 million from their employer, a lifestyle hospitality company, to fuel a sports betting spree. The theft, which came to light through a social media post on X, was confirmed by local police, sparking widespread concern about the growing gambling culture among Nigerian youth.

Authorities revealed that the duo committed corporate fraud, siphoning off the staggering sum over an undisclosed period. A police spokesperson stated, “The suspects confessed to using the stolen funds primarily for sports betting, squandering millions in a futile attempt to strike it rich.” The officer emphasized the case as a cautionary tale, urging young Nigerians to avoid the pitfalls of excessive gambling.

The arrests have ignited public debate, with some social media users questioning the plausibility of the betting claims. One X user speculated, “It’s not possible. They likely hid the money elsewhere, using betting as a cover.” Others called for betting platforms to provide evidence of the transactions. Nigeria’s sports betting industry has surged in recent years, fueled by economic challenges and easy access to online platforms, raising concerns about addiction and financial ruin.

The suspects are currently in custody, facing charges of theft and fraud. The Economic and Financial Crimes Commission (EFCC) may also investigate, given the scale of the crime. As Nigeria grapples with its economic crisis, this incident underscores the need for greater oversight of betting platforms and public awareness about responsible gambling.