A businessman, Kayode Steven Akinyemi, on Wednesday arraigned before a Federal High Court, Lagos over alleged N25.1 million fraud, conspiracy and unlawful funds conversion.
Akinyemi was arraigned before the court presided over by Justice Friday Ogazi on the alleged infractions, by the operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
Akinyemi and others said to be at large, were accused of committing the alleged financial sometimes in May, 2024.
The defendant and others at large, were alleged to have by false pretence obtained the mentioned amount from one Dr Rotimi Olaoye and two others, with the pretence of investing the money in a limited company.
The prosecutor, Barrister M.Y Bello, while arraigning the defendant, told the court that the alleged criminal acts, contravened Sections 8(a) and 1(1)(a) and of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
And 18(2)(b) of Money Laundering (Prevention and Prohibition) Act 2022, punishable under Section 18(3) of the same Act.
The defendant however pleaded not guilty to the charges.
Upon his not guilty, his lawyer told the court that he is yet to file his client’s bail application. He therefore asked the court for a short date, to enable him file his client’s bail application.
Based on defendant’s counsel application, the prosecutor urged the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS) pending the hearing and determination of the defendant’s bail application.
Justice Ogazi, after hearing parties’ submissions, ordered that the defendant be remanded in the NCoS’ facility, pending the hearing and determination of his bail application.
Further hearing of the charge as been adjourned to March 12.
Charges against the businessman read: “That you KAYODE AKINYEMI ‘M’ and Two Others at Large on or before 2nd May, 2024 in Lagos within the Jurisdiction of this Honorable Court did Conspire amongst yourselves to commit an offence to wit Obtaining Money by False Pretense and thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act.
That you KAYODE AKINYEMI ‘M’ and Two Others at Large on or before 2nd May, 2024 in Lagos within the Jurisdiction of this Honorable Court with Intent to Defraud did Obtain sum of N25,100,000 (Twenty-Five Million, One Hundred Thousand Naira) which was paid into GTBank account number 0141401307 with account name Kayode Akinyemi Steve and Car washing equipments worth N15,000,000.00 (Fifteen Million Naira) Property of Dr Rotimi Olaoye and two others under the pretence of investing in a limited company which representation you knew to be false and thereby committed an offence contrary to Section 1{1) (a) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.
That you KAYODE AKINYEMI ‘M’ and Two Others at Large on or before 24 May, 2024 in Lagos within the Jurisdiction of this Honorable Court did Fraudulently convert the total sum of N25,100,000 (Twenty-Five Million, One Hundred Thousand Naira) which was paid into GTBank account number 0141401307 with account name Kayode Akinyemi Steve and Car washing equipments worth N15,000,000.00 (Fifteen Million Naira) property of Mr. Rotimi Olaoye and two others when you reasonably ought to have known that the said funds form part of the proceed of an unlawful act and thereby committed an offence Contrary to Section 18(2)( b) of Money Laundering (Prevention and Prohibition) Act 2022, punishable under Section 18(3) of the same Act.”
