For alleged fraud of over $700,000, a businesswoman, Adekemi Folorunsho has been arraigned on Thursday before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja.
Folorunsho, with three others still at large, (Ikechukwu Ige, Chief Fabian and Elias) was also alleged of stealing the sum of N190 million from one Mrs. Osolake Ayodele.
The defendant is facing a-three count charge of obtaining money by false pretences, conspiracy to obtain money by false pretence, and stealing brought against her by the Economic and Financial Crimes Commission, EFCC.
Pleaded not guilty for alleged fraud
The defendant, Adekemi Folorunsho, was charged for alleged fraud of a woman, Ayodele Osolake under the false pretence of being a bureau exchange operator.
During her arraignment, the defendant, however, pleaded not guilty to the charge.
Counsel to the EFCC, Ms. Nanbam Mutfwang thereafter asked the court to for a trial date for the commencement of trial.
Mutfwang informed the court that the defendant, with three others still at large, sometimes in October 2021, with intent to defraud, dishonestly converted to her personal use, the sum of N190 million, belonging to the complainant.
The prosecutor also submitted that the defendant, sometimes in 2023, with intent to defraud the complainant, obtained the sum of $700,000 from the complainant on the pretext that she was a foreign exchange broker and she could exchange dollars to Naira equivalent, a representation she knew to be false.
According to the prosecution, the alleged offences violate Section 1(3) and 8(a) of the Advanced Fee Fraud and Other Related Offences and Section 285(1) of the Criminal Laws of Lagos State, 2011.
Defendant in alleged fraud charge, not a flight risk
Counsel to the defendant, Mr. Shina Makinde, moved a motion for bail and urged the court to grant her bail on liberal terms.
Mr. Makinde informed the court that his client was ready to stand trial without wasting the time of the court.
According to him, the defendant never jumped administrative bail granted to her by the EFCC.
Mr. Makinde said, “My lord, the defendant is a reputable and honest businesswoman who employs over 100 staff and caring for children had no intent to defraud anyone.
“The defendant had earlier been granted administrative bail by EFCC and complied with all conditions without jumping bail.
“We pray your Lordship to grant bail to the defendant on liberal terms.
“She is ready to face trial without wasting the time of the court.”
The prosecution, however, did not object the bail application and left it at the court’s discretion.
Court granted bail in alleged fraud case
The court thereafter admitted bail to the defendant in the sum of N50 million with two sureties in like some.
The judge said the defendant should perfect her bail within two weeks and failure to do so, she would be remanded at the correctional facility.
Justice Abike-Fadipe adjourned the case till October 9 for the commencement of the trial.