Court remands man over alleged N492.5m fraud

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A Lagos Division of the Federal High Court on Tuesday ordered the remand in the Economic and Financial Crimes Commission’s custody of a man accused of a N492.5 million fraud.

Olabisi Sulaimon was arraigned alongside four companies, namely; Labo entertainment Limited, Labo autos Limited, Labo group of companies Limited, and Facebuk Magazine Limited, before Justice Rilwan Aikawa.

They face a four-count charge bordering on obtaining money under false pretence and money laundering to the tune of N492.5million.

The defendant pleaded not guilty to all the charges.

The EFCC prosecutor, M.K Hussain, prayed the court to give a trial date and remand the defendant in prison pending the commencement of trial.

The counsel to the defendant, Ifedayo Adedipe, a Senior Advocate of Nigeria (SAN), however, urged the court to remand the defendant in EFCC custody pending the time a bail application will be filed before the court.

“My Lord, we were served with this charge at the close of work on Friday and today is the first working day. I plead with my Lord to give a short date for us to file our bail application and remand the defendant in EFCC custody pending bail.”

The judge, Mr Aikawa, granted the prayer of the defence counsel and ordered the defendant to be remanded in EFCC custody and adjourned the matter to May 30 for the hearing of bail application.

In the charge brought against the defendant by the EFCC, one of the counts read that; “You, Olabisi Sulaimon Akanbi (a.k.a Labo), Labo entertainment Limited, Labo Autos Limited, Labo group of companies Limited, Facebuk Magazine Limited and Olaoluwa Wahab Akanbi (a.k.a self paid) sometime between 2017and 2018 in Lagos within the jurisdiction of this honorable court transferred the sum of N210,000,000 to Arknad properties Limited which you reasonably ought to have known that such funds form part of the proceeds of an unlawful act to wit: obtaining Money under false pretence contrary to section 15(2)(b) of the money laundering prohibition Act 2011 as Amended and punishable under the same section of the Act.”


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