ALLEGED N238.35M FRAUD: Lagos Court Grants Defendant N300m Bail
The Lagos State High Court sitting in Ikeja has granted N300 million bail to Adeseun Adeniyi Olukunle, who is facing trial over an alleged N238.35 million fraud.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, arraigned Olukunle before Justice A. O. Okunuga on Monday, November 2, 2026.
The defendant is facing a 10-count charge involving alleged obtaining of money under false pretence, stealing and retention of stolen property, contrary to Sections 280, 287 and 328 of the Criminal Law of Lagos State, 2011.
The EFCC alleged that Olukunle committed the offences alongside Chanaiyah International Limited and Omotosho Abraham Aremu, who is currently at large.
According to the prosecution, the defendants allegedly converted various sums of money belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited, to other uses.
Specifically, one of the counts accused them of converting N11 million to the use of Faniran Olusoji John, while another alleged that N19 million was converted to the use of Omotayo Faniran. Both incidents were said to have occurred in Lagos in 2025.
When the charges were read to him, Olukunle pleaded not guilty.
EFCC counsel, Bilikisu Buhari, subsequently urged the court to remand him in a correctional facility and fix a date for trial.
She further explained that Chanaiyah International Limited, listed as the second defendant, was controlled by Aremu, who is currently at large. The prosecution therefore requested that a not-guilty plea be entered on behalf of the company, which the court granted.
In response, defence counsel, Yusuf T. Nurudeen, presented a bail application and appealed to the court to release his client on liberal terms.
Justice Okunuga, however, granted the defendant bail in the sum of N300 million, requiring two sureties who must provide the same amount.
The judge stipulated that one of the sureties must own landed property within the court’s jurisdiction, which would be verified by the court Registrar. The sureties must also submit evidence of tax payment.
The court adjourned the matter until January 18, 19 and 20, 2027, for trial.
