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N233m loot: Court grants businesswoman N400m bail

By Kenneth Atavti

Justice A.O.Okunuga of the Lagos State High Court sitting in Ikeja has granted bail to a businesswoman, Olubunmi Akintoye Adeola, who is being prosecuted for an alleged N233m fraud, in the sum of N400m.

The Lagos Command of the Economic and Financial Crimes Commission, EFCC, had, on May 25, 2022, arraigned Adeola on a 12-count charge bordering on stealing and possession of fraudulent documents to the tune of N233 million.

One of the counts reads: “That you, Olubunmi Akintoye Adeola (Trading under the name and style of Fola.

Mart International), on or about the 11th October, 2021 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N25,000,000 (Twenty-five Million Naira), property of Alhaja Bolaji Fowosire and Iceland International Limited.”

Another count reads: “That you, Olubunmi Akintoye Adeola (Trading under the name and style of Fola.

Mart International), on or about the 12th October, 2021 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N30,000,000 (Thirty Million Naira), property of Alhaja Bolaji Fowosire and Iceland International Limited.”

She pleaded “not guilty” to the charge when it was read to her.

Following her plea, the prosecuting counsel, M. K. Bashir, had prayed the court for a trial date and also for the remand of the defendant at the facility of the Nigerian Correctional Service.

The defence counsel, M.A. Bala, had informed the court about a bail application dated May 9, 2022 for the defendant and also prayed for a short date for bail hearing.

Consequently, Justice Okunuga had adjourned till Wednesday, June 1, 2022 for bail hearing and also ordered that the defendant be remanded at Kirikiri Correctional facility, Lagos.

Ruling on the bail application on June 6, 2022, Justice Okunuga granted the defendant bail in the sum of N400m, with two sureties.

One of the sureties must be a blood relative of the defendant, while the other must possess a property in Lagos with a CofO, which must be verified.

The sureties, who must have evidence of Lagos tax clearance, are also to produce their passports.

The matter was adjourned till July 11 and 12, 2022 for trial.

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