A Federal High Court sitting in Lagos has remanded a businessman, Afolabi Islamiu Olayinka in the Ikoyi Correctional facility over an alleged fraud of N58, 527 million.
The trial judge, Abimbola Awogboro remanded Olayinka after he pleaded not guilty to the three-count charge.
The defendant and his company, Bowofab Global Services Limited were arraigned by the men of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos on allegations, bordering on conspiracy, obtaining by false pretence and fraud of N58, 527 million.
The prosecuting counsel, Mr Chukwu Agwu, told the court that the defendants and others now at large, committed the offences between July 2020 and December 2021, in Lagos.
Agwu alleged that the defendant and others defrauded their victims under the pretence of supplying them petroleum products, Petroleum Motor Spirit (PMS) and Kerosene (DPK).
The defendant allegedly defrauded Casrod Solutions Limited, represented by one Afeez Rufai Alebiosu and one Ismael Arisekola.
His offences 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 the Money Laundering Act, 2022 and punishable under Section 18 (3) and (4) of the same Act.
The businessman denied the allegations and pleaded not guilty to the charge.
Following his plea, the prosecutor prayed to the court for a trial date and also urged the court to remand him to a correctional facility.
But the defendant’s counsel, Mr. Ademola Olabiyi, prayed the court to admit his client to bail.
He said he has filed his client’s bail application and the same had been served on the prosecutor.
The council stressed that his client has been in police custody for more than 40 days and was given administrative bail, and he has been observing the bail terms religiously.
After listening to both parties, Justice Awogboro adjourned to November 18, for a hearing and determination of the bail application.
The judge also fixed December 5, 2022, for trial.
