Three Suspects Granted N30 Million Bail for Alleged N29.3 Million Fraud

In a significant development within the Nigerian judicial system, the Economic and Financial Crimes Commission (EFCC) arraigned three individuals—Saka Olubamishe, Omogoye Olusegun, and Olumuyiwa Adesina—before the Ikeja Special Offences Court on Thursday. They face serious allegations of fraud amounting to N29,386,500, which they are accused of obtaining under false pretenses related to a transaction involving the transfer of dollars to Copart Auto Auction in the United States.

The defendants appeared before Justice Olubunmi Abike-Fadipe, where they were formally charged with three counts that include conspiracy, stealing, and obtaining property under false pretenses, all of which are in violation of the Lagos State Criminal Laws of 2015. The prosecuting counsel from the EFCC, B. M. Isha, presented the court with details of the alleged offenses, asserting that the defendants conspired to fraudulently convert a considerable sum of money belonging to two victims, Awolaja Sherri Ajibola and Akintoye Ganiyu.

According to the prosecutor, the fraudulent activity took place in July 2023 in Lagos, where the defendants allegedly deceived the victims into believing that they possessed the dollar equivalent of N29,386,500 at an exchange rate of N750 per dollar. Isha emphasized that the defendants were aware that their claims were false and that their actions directly contravened established laws regarding financial fraud.

Specifically, the charges brought against the suspects are based on Sections 411 and 280(2) of the Criminal Laws of Lagos State, as well as provisions of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006. Despite the gravity of the charges, the defendants pleaded not guilty, maintaining their innocence in the face of the allegations.

Following their plea, the prosecutor requested the court to set a trial date to proceed with the case. In response, the defense counsel, comprising S. T. Ladokun, S. A. Oseni, and T. F. Makinde, informed the court of pending bail applications for their clients. They urged the court to consider granting bail under liberal terms, emphasizing the need for fair treatment during the legal proceedings.

In a ruling on the matter, Justice Abike-Fadipe granted bail to each of the defendants in the amount of N10 million, requiring them to provide two sureties each, also valued at N10 million. The judge stipulated that the sureties must demonstrate proof of tax payments to the Lagos State Government, ensuring that they are financially stable and capable of fulfilling the bail conditions.

The court subsequently scheduled the next hearing for January 23, 2025, marking the date for the commencement of the trial. The case underscores the ongoing efforts by the EFCC to combat financial crimes in Nigeria and highlights the importance of accountability in financial transactions