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Lagos-based businesswoman, Adekemi Folorunsho, is currently entangled in an
alleged ‘$700,000 Fraud, N190m Theft.’
Based
on this development, the Economic and Financial Crimes Commission (EFCC)
arraigned her before the Lagos State Special Offences Court, Ikeja, for
allegedly defrauding $700,000 and stealing N190 million under the pretext of
operating as a bureau de change operator.
Folorunsho was arraigned alongside three accomplices, who are currently at large, on three-count charges bordering on obtaining money by false pretence, conspiracy to obtain money by false pretence, and theft.
EFCC
counsel, Nanbam Mutfwang, informed the court that the defendant, along with
others still at large, fraudulently obtained $700,000 from one Mrs Osolake
Ayodele in 2023 by falsely representing herself as a foreign exchange broker.
She
allegedly claimed she could convert the sum to naira, a representation the
prosecution said she knew to be false.
The
EFCC also accused her of dishonestly converting N190 million belonging to the
complainant to her personal use in October 2021. According to the commission,
the offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and
Other Fraud Related Offences Act and Section 285(1) of the Criminal Laws of
Lagos State, 2011.
Folorunsho
pleaded not guilty to all three counts.
Following
her plea, her counsel, Mr Shina Makinde, moved a motion for bail, urging the
court to grant it on liberal terms. He argued that his client is a reputable
businesswoman who employs over 100 staff and has consistently complied with the
administrative bail earlier granted by the EFCC.
The
prosecution did not oppose the bail application, leaving the decision to the
court’s discretion. In her ruling, Justice Olubunmi Abike-Fadipe granted bail
in the sum of N50 million with two sureties in like sum. She ordered that the
bail conditions must be perfected within two weeks; failing this, the defendant
would be remanded to custody.
The
matter was adjourned till October 9, 2025, for trial.
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