A businessman, Ibukun Gbadamosi, have been arraigned before a Lagos Federal High Court, over alleged fraud of N45. 5 million.
Ibukun, who is a Group Managing Director (GMD) of J3 Holdings, was arraigned before the court presided over by Justice Ringim on a three count charge of conspiracy, obtaining by false pretence and fraud of the N45, 500, 000.00 million, by the men of Police Special Fraud Unit (PSFU) Ikoyi, Lagos. 
The prosecutor, Mr. Justine Enang, told the court that the defendant and others now at large, commited the offences in Lagos, sometimes in 2019, while working as a staff of Crovation Limited.
In particular, the prosecutor told the court the defendant fraudulently obtained the money from one Dr. Fabian Agbonzia, under false pretence that he had a property.
He told the court that as soon as the sum of N45.5 million was paid into his nominated accounts Access Bank Account No:0702662267 and GTBank Account No:0235285581, he diverted the money for his personal use and failed and refused to give up the property.
He told the court that the offences committed by the defendant, contravened Section 8(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006. And Section 15(2) (b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.
The businessman however denied the allegations and pleaded not guilty to the charges.
Following his not guilty to, his counsel, Chief Gbade Olajide, while moving his bail application, urged the court to grant him bail in the most liberal terms and conditions.
However, the prosecutor urged the court that urged the court to admit the defendant bail in terms that will ensure his attendance till the determination of the charge.
Justice Ringim in his ruling, admitted bail to the defendant in the sum of N50 million with two sureties in like sum.
Justice Ringim also ordered that one of the sureties must be Civil Servant on Grade Level 15 and above, or a director of registered company, while the order surety must be a landed property owner with Certificate of Occupancy (CofO).
The judge also ordered that both sureties must provide evidence of three months payment of utility bill and means of identification.
Justice Ringim while adjourning the matter till February 25, 2023, for trial, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services (NCoS), till the perfection of the bail terms.
Charges Against The Defendant Reads: “That you Ibukun Gbadamosi ‘M’, and others at large, sometimes in 2019 in Lagos, within the jurisdiction of the Lagos Judicial Division of the Federal High Court, with intent to defraud did conspire to commit felony to wit: Obtaining money under false pretence and thereby committed an offence contrary to Section 8(a), 1(i)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
“That you Ibukun Gbadamosi ‘M’, and others at large, sometimes in 2019 in Lagos, within the Judicial Division of the Federal High Court, with intent to defraud while being an employee/staff of Crovation Limited, fraudulently defrauded one Dr. Fabian Agbonzia by obtaining the sum of N45, 500, 000.00 (Forty Five Million Naira) under the pretext that you had a property for sale and that once the agreed sum was paid into your nominated Accounts Access Bank Account No:0702662267 and GTBank Account No:0235285581 respectively, the said property will be given to him, a representations you knew to be false or did not believe to be true or which you made recklessly and thereby committed an offence contrary to Section 1(i)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2004 and punishable under Section 1(3) of the same Act.
“That you Ibukun Gbadamosi ‘M’, and others how a large, sometime in 2019 in Lagos State within the Judicial Division of the Federal High Court, did convert to your Own use and benefits, the sum of N45, 500,000.00 (Forty Five Million Naira) property of Dr. Fabian Agbonzia, which sum you knew or reasonably ought to have known was the proceed of unlawful act, to wit: obtaining by false pretences from Dr. Fabian Agbonzia and thereby committed an offence punishable under Section 15(2) (b) of the Money Laundering (Prohibition) Act, 2011 as Amended in 2012.”
