EFCC Arraigns Man Over Alleged N238.35m Fraud In Lagos
… Court grants defendant N300m bail, fixes trial for January 2027
The Economic and Financial Crimes Commission (EFCC) has arraigned Adeseun Adeniyi Olukunle before the Lagos State High Court in Ikeja over an alleged N238.35 million fraud.
Olukunle was arraigned on Monday, November 2, 2026, by the Lagos Zonal Directorate 1 of the EFCC before Justice A. O. Okunuga on a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property.
The alleged offences are said to be contrary to Sections 280, 287 and 328 of the Criminal Law of Lagos State, 2011.
According to the charge, Olukunle, alongside Chanaiyah International Limited and Omotosho Abraham Aremu, who is currently at large, allegedly converted funds belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited, to personal use.
One of the charges alleged that the defendants converted N11 million to the use of Faniran Olusoji John in 2025, while another accused them of converting N19 million to the use of Omotayo Faniran.
Olukunle pleaded not guilty to all the charges.
Following his plea, EFCC prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand the defendant in a correctional facility pending the determination of the case.
Buhari also informed the court that Chanaiyah International Limited, the second defendant, was controlled by Omotosho Abraham Aremu, who is currently at large. She consequently asked the court to enter a not-guilty plea on behalf of the company. The request was granted.
However, defence counsel, Yusuf T. Nurudeen, informed the court that he had filed a bail application and urged the judge to grant his client bail on liberal terms.
In his ruling, Justice Okunuga granted Olukunle bail in the sum of N300 million with two sureties in like sum.
The court directed that one of the sureties must own landed property within its jurisdiction, subject to verification by the Registrar. Both sureties were also required to provide evidence of tax payment.
The case was adjourned to January 18, 19 and 20, 2027, for the commencement of trial.
