Justice Musa Kakaki of the Federal High Court, Lagos, has struck out fraud charges filed by the Police Special Fraud Unit (PSFU) against businessman Afolabi Olayinka and his company, Bowofab Global Services Limited, after both parties reached an amicable settlement.
The defendants had been standing trial on allegations of conspiracy, intent to defraud, and obtaining ₦58.527 million under false pretence, in a case instituted in 2022 by PSFU prosecution counsel, Chukwu Agwu.
Olayinka and his company pleaded not guilty upon arraignment and consistently maintained their innocence throughout the proceedings.
At the resumed hearing on Wednesday, the prosecution informed the court that the dispute had been resolved and applied for the charges to be struck out.
Counsel to the defendants, J. A. Sanusi, supported the submission and urged the court to dismiss the matter.
In his ruling, Justice Kakaki acknowledged the joint position of both counsel and consequently struck out the case, discharging Olayinka and Bowofab Global Services Limited of all allegations.