EFCC ARRAIGNS BUSINESSWOMAN FOR ALLEGED $700,000 FRAUD, N190M THEFT IN LAGOS
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By Aishat Momoh. O.
The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned a Lagos-based businesswoman, Adekemi Folorunsho, before the Ikeja Special Offences Court for allegedly defrauding a woman of $700,000 under the guise of operating a bureau de change, and for stealing N190 million.
Folorunsho was arraigned on a three-count charge bordering on obtaining money by false pretence, conspiracy to obtain money by false pretence, and stealing. She pleaded not guilty to all the charges.
According to EFCC counsel, Nanbam Mutfwang, the defendant conspired with three others still at large to commit the offences. The prosecution alleged that in October 2021, Folorunsho dishonestly converted N190 million belonging to the complainant, Mrs. Osolake Ayodele, for her personal use.
Mutfwang further stated that in 2023, the defendant fraudulently obtained $700,000 from the complainant under the false pretext that she was a licensed forex dealer who could convert the funds to naira claims the EFCC said were knowingly false.
The offences, the EFCC noted, are in contravention of Section 1(3) and 8(a) of the Advance Fee Fraud and Other Related Offences Act and Section 285(1) of the Criminal Laws of Lagos State, 2011.
In her bail application, defence counsel Shina Makinde pleaded with the court to grant Folorunsho bail on liberal terms, citing her status as a reputable businesswoman employing over 100 people. He noted that she had fully complied with the administrative bail earlier granted by the EFCC.
The prosecution did not oppose the bail request, leaving the decision to the court’s discretion.
Presiding Judge, Justice Olubunmi Abike-Fadipe, granted the defendant bail in the sum of N50 million with two sureties in like sum. The court ordered that Folorunsho must perfect her bail within two weeks or face remand at a correctional facility.
The matter was adjourned to October 9, 2025, for the commencement of trial.
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