Businessman Arraigned Over Alleged N58.5m Fraud

A businessman, Afolabi Islamiu Olayinka and his company, Bowofab Global Services Limited, were today, brought before a Lagos Federal High Court, on allegations bordering on conspiracy, obtaining by false pretence and fraud of N58, 527 million.

The businessman and his company were brought before the court presided over by Justice Abimbola Awogboro, on the  alleged offences by the men of Police Special Fraud Unit (PSFU), Ikoyi, Lagos.

Arraigning the defendants before the court, the prosecutor, Mr. Chukwu Agwu, said the defendants and others now at large, committed the offences between July 2020 and December, 2021, in Lagos.

In particular, the prosecutor informed the court that the defendant and others at large, allegedly defrauded their victims under the pretence of supplying them petroleum products, such as Petroleum Motor Spirit (PMS) and Kerosene (DPK).

Those allegedly defrauded includes: Casrod Solutions Ltd represented by one Afeez Rufai Alebiosu ‘M and one Ismael Arisekola.

He was alleged to have received the monies through his banks, First City Monument Bank Plc and Zenith Bank Plc, with account numbers: 7385488015 and 1016328126 respectively.

The prosecutor told the court that the offences committed by the defendants, are contrary to Sections 8 (a); 1(1)(a), (b) and (c) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. And section 18 (2)(a) and (d) of Money Laundering Act, 2022, but punishable under Section 18 (3) and (4) of the same Act. 

The businessman denied the allegations and pleaded not guilty to the charges.

With his plea of not guilty, the prosecutor asked for trial date, and also urged the court to remand him.
But lawyer to the defendant, Mr. Ademola Olabiyi, pleaded with the court to admit his client to bail.

Olabiyi told the court that he has filed his client’s bail application and same had been served on the prosecutor. 

He told that his client has been in the police custody for more than 40 days. And that when he was given administrative bail, he has been observing the bail terms religiously.

Justice Awogboro, after listening to both parties, adjourned till November 18, for hearing and determination of the bail application. While also fixed December 5, for his trial.