EFCC ARRAIGNS MAN, COMPANY OVER ALLEGED N100M FRAUD IN LAGOS
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By Aishat Momoh. O.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Wednesday, July 2, 2025, arraigned a businessman, Lateef Akintoye, and his firm, Rufus Whyte Limited, before Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja, over an alleged N100 million fraud.
The duo is facing a two-count charge bordering on stealing and obtaining money under false pretence.
According to the EFCC, the defendants allegedly approached Baklang Group of Companies in 2023, offering to procure a Standby Bank Letter of Credit (SBLC) worth $500 million a financial instrument used for international trade to facilitate the purchase of petroleum products. They reportedly claimed to have extensive experience in securing such instruments and demanded $150,000 as a processing fee.
The petitioner claimed that N100 million was paid in two tranches to the defendants for the service. However, after collecting the funds, the defendants allegedly failed to deliver on their promise and became unreachable.
One of the counts reads: “That you, LATEEF AKINTOYE and RUFUS WHYTE LIMITED, sometime in 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use an aggregate sum of N100,000,000.00 (One Hundred Million Naira), property of Baklang Group of Companies Limited, thereby committed an offence of stealing contrary to Section 285 (1)(a) of the Criminal Law of Lagos State, 2011.”
The defendants pleaded not guilty.
Defence counsel, Abayomi Seyidara, while applying for bail, argued that the offence was bailable and stemmed from a civil business transaction. He assured the court that the first defendant had no prior criminal record and would not abscond or interfere with investigations.
In opposition, EFCC counsel A.A. Usman urged the court to deny the bail request, citing the gravity of the offence, the sum involved, and the potential impact on the case’s progress if the defendant were released.
Justice Okunuga ordered that Akintoye be remanded at the Ikoyi Correctional Centre and adjourned the case until July 10, 2025, for ruling on the bail application.
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