Lagos bizwoman, Adekemi Folorunsho, arraigned for ‘$700,000, N190m’ fraud

A Lagos businesswoman, Adekemi Folorunsho has been arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged $700,000 and ₦190,000,000.00. fraud.

The defendant, who presented herself as a bureau de change operator, was arraigned before Justice O.O. Abike-Fadipe at the Special Offences Court in Ikeja, Lagos on a three-count charge of obtaining by false pretence, conspiracy, and stealing.

The defendant, however, pleaded not guilty to the charges.

EFCC counsel, Ms. Nanbam Mutfwang, urged the court to adjourn the case for the commencement of trial.

Earlier, Mutfwang informed the court that the defendant, alongside Ikechukwu Ibe and others still at large, committed the offences between October 2021 and March 2023 in Lagos.

According to the EFCC, the defendant dishonestly converted ₦190 million belonging to the complainant, Mrs. Osolake Ayodele, to her personal use.

The prosecution further alleged that the defendant collected an additional $700,000 from the complainant under the false pretext of being a foreign exchange broker who could convert the amount into its naira equivalent.

However, the defendant allegedly failed to carry out the exchange and instead diverted the funds for personal use.

The prosecution stated that the offences contravene Section 1(3) and 8(a) of the Advance Fee Fraud and Other Related Offences Act, as well as Section 285(1) of the Criminal Law of Lagos State, 2011.

Defence counsel, Mr. Shina Makinde, moved a motion for bail, appealing to the court to grant his client bail on liberal terms.

He assured the court that the defendant was prepared to stand trial and had complied fully with the administrative bail conditions earlier granted by the EFCC.

The prosecution did not oppose the bail application, leaving the decision to the court’s discretion.

Justice Olubunmi Abike-Fadipe granted the defendant bail in the sum of ₦50 million, with two sureties in like sum.

The judge ruled that the bail must be perfected within two weeks, failing which the defendant would be remanded in a correctional facility.

The matter was adjourned until October 9 for the commencement of trial. (NAN)