EFCC arraigns businesswoman for alleged $700,000 fraud, N190m theft
The Financial and Financial Crimes Commission (EFCC) has arraigned a businesswoman, Adekemi Folorunsho, forward of the Lagos Articulate Special Offences Court, Ikeja, for allegedly defrauding $700,000 and stealing N190 million below the pretext of operating as a bureau de commerce operator.
Folorunsho changed into as soon as arraigned alongside three accomplices, who are currently at sizable, on three-depend expenses bordering on acquiring money by groundless pretence, conspiracy to invent money by groundless pretence, and theft.
EFCC counsel, Nanbam Mutfwang, instructed the court that the defendant, along with others easy at sizable, fraudulently got $700,000 from one Mrs Osolake Ayodele in 2023 by falsely representing herself as a foreign alternate dealer.
She allegedly claimed she may maybe maybe well convert the sum to naira, a illustration the prosecution said she knew to be groundless.
The EFCC additionally accused her of dishonestly changing N190 million belonging to the complainant to her personal employ in October 2021. In step with the commission, the offences contravene Sections 1(3) and 8(a) of the Come Price Fraud and Other Fraud Associated Offences Act and Portion 285(1) of the Criminal Criminal techniques of Lagos Articulate, 2011.
Folorunsho pleaded no longer guilty to all three counts.
Following her plea, her counsel, Mr Shina Makinde, moved a motion for bail, urging the court to grant it on liberal terms. He argued that his consumer is a revered businesswoman who employs over 100 workers and has consistently complied with the govt. bail earlier granted by the EFCC.
The prosecution didn't oppose the bail application, leaving the decision to the court’s discretion. In her ruling, Justice Olubunmi Abike-Fadipe granted bail within the sum of N50 million with two sureties in like sum. She ordered that the bail prerequisites must be perfected within two weeks; failing this, the defendant would be remanded to custody.
The topic changed into as soon as adjourned till October 9, 2025, for trial.
