The incident occurred on Thursday, November 17 2016 after Femi withdrew the said sum from the company's account at a UBA branch in Marina, Lagos State. Following his arrest, the sum of $30,000 was recovered from the walls of a primary school in Bariga where the suspect stashed some of the funds before proceeding to tell his employer that he was kidnapped.
Speaking while he was paraded by the Lagos State Police Command, Femi Akinola narrated:
"I am also into music. I used to chat with one Kingsley in the UK, who wanted to help me with my music career. I chatted with him that day and I told him that I just withdrew $50,000. He told me he needed $15,000. He sent somebody to meet me around Marina to collect the money. It was after the person collected the money and my phones and left that I came to my senses.Confirming the incident, Lagos commissioner for Police, Fatai Owoseni, explained:
"I was confused and didn’t know what to do. At that point, I decided to hide the remaining $35,000 at the back of a primary school in Bariga, and left for Epe to commit suicide. On getting there, I changed my mind and reported to the police that I was robbed.
"I earn over N120,000 per month. I didn’t have intention of using the money to promote my music career. That was not the first time I would withdraw money for the company as an accounting officer. I had withdrawn more than that in the past. I have been working with the company for five years."
"The suspect worked with a multinational company in the state. He was sent to withdraw $50,000. After withdrawing the money, he faked his own kidnap and claimed that the kidnappers collected the money.
"The police have been able to recover $30,000. He confessed to have given out $15,000. We are making efforts to recover the remaining sum."