EFCC arraigns Lagos businesswoman over alleged $700,000 fraud, N190m theft, court adjourns case until October 9 for trial
By Jeph Ajobaju, Chief Copy Editor
A Lagos businesswoman, Adekemi Folorunsho, has been arraigned at the State Special Offences Court, Ikeja for allegedly defrauding $700,000 and stealing N190 million under the pretext of being a bureau de change (BDC) operator.
Folorunsho was docked by the Economic and Financial Crimes Commission (EFCC) alongside three alleged accomplices, currently at large, on three counts of obtaining money by false pretence, conspiracy to obtain money by false pretence, and theft.
EFCC counsel Nanbam Mutfwang told the court that the defendant, along with others still at large, fraudulently obtained $700,000 from one Osolake Ayodele in 2023 by falsely representing herself as a foreign exchange (forex) broker.
She allegedly claimed she could convert the amount to naira, a claim she knew to be false, according to the prosecution.
The EFCC also accused Folorunsho of dishonestly converting N190 million belonging to the complainant to her personal use in October 2021, which contravenes Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act and Section 285(1) of the Criminal Laws of Lagos State, 2011.
Folorunsho pleaded not guilty to all three counts.
Her counsel Shina Makinde moved a motion for bail on liberal terms, arguing she is a reputable businesswoman who employs over 100 staff and has consistently complied with the administrative bail earlier granted by the EFCC.
The prosecution did not oppose the bail application, leaving the decision to the court’s discretion.
Judge Olubunmi Abike-Fadipe granted bail in the sum of N50 million with two sureties in like sum. She ordered that the bail conditions be perfected within two weeks or else Folorunsho would be remanded in custody.
The Judge adjourned the case until October 9 for trial.
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