LAGOS: The Economic and Financial Crimes Commission (EFCC) has arraigned a man, 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 EFCC’s Lagos Zonal Directorate 1 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.
The defendant pleaded not guilty to all the charges when they were read to him in court.
According to the charge, the alleged offences involved funds belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited.
One of the counts alleged that Olukunle, Chanaiyah International Limited and Omotosho Abraham Aremu, who is currently at large, sometime in 2025 in Lagos, converted N11 million, said to be the property of Temitope Bolarinde Samuel, to the use of Faniran Olusoji John.
Another count accused the defendants of converting N19 million, allegedly belonging to the same complainant, to the use of Omotayo Faniran.
The allegations form part of the 10-count charge brought against Olukunle and the other named parties.
The EFCC’s case also identifies Chanaiyah International Limited as the second defendant, while Omotosho Abraham Aremu is said to be at large.
The commission alleged that Aremu controlled the company.
Following Olukunle’s plea, prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand the defendant in a correctional centre pending the determination of the case.
Buhari also informed the court that the second defendant, Chanaiyah International Limited, was controlled by Aremu, who is currently at large.
She consequently asked the court to enter a plea of not guilty on behalf of the company. The request was granted.
However, defence counsel, Yusuf T. Nurudeen, told the court that he had filed a bail application on behalf of his client.
He urged Justice Okunuga to grant Olukunle bail on liberal terms.
In his ruling, Justice Okunuga granted the defendant 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 court registrar.
The sureties were also required to provide evidence of tax payment as part of the bail conditions.
The bail ruling allows the defendant to seek release subject to compliance with the conditions imposed by the court.
The court adjourned the case to January 18, 19 and 20, 2027, for the commencement of trial.
The proceedings will provide an opportunity for the prosecution to present its case and for the defence to respond to the allegations.
Olukunle’s arraignment and the charges against him do not amount to a conviction. He is presumed innocent unless proven guilty by a court of competent jurisdiction.
