EFCC Arraigns Businesswoman for Alleged $700,000 Fraud

Strategic Insights -

Adekemi Folorunsho, a Nigerian businesswoman, was arraigned on Thursday before Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court for allegedly defrauding a woman of $700,000 under the false pretense of being a bureau de change operator. The charges also include dishonestly converting N190 million belonging to the complainant, Mrs. Osolake Ayodele, for personal use. Folorunsho pleaded not guilty to all three charges, which contravene various sections of the Advance Fee Fraud and Other Fraud Related Offences Act and the Criminal Law of Lagos State, 2011.

Key Takeaways:

  • The businesswoman, Adekemi Folorunsho, is accused of obtaining $700,000 from a woman under the false pretense of being a foreign exchange broker.
  • The defendant and her accomplices allegedly converted N190 million belonging to the complainant, Mrs. Osolake Ayodele, in October 2021.
  • Folorunsho pleaded not guilty to charges of obtaining money by false pretense, conspiracy to obtain money by false pretense, and stealing.
  • The defense counsel, Mr. Shina Makinde, applied for bail on liberal terms, arguing that the defendant is a reputable businesswoman who has no intention of evading trial.
  • Folorunsho has earlier complied with all conditions of the administrative bail granted by the EFCC and employs over 100 staff.

Statistics:

  • The alleged amount of $700,000 was obtained from the complainant under false pretenses.
  • N190 million belonging to the complainant was allegedly converted by the defendant and her accomplices in October 2021.
  • The defendant has been accused of dishonestly converting the money for personal use.
  • However, no further information about the dates or amounts were provided in the report.

Sources:

  • "EFCC Arraigns Businesswoman Over Alleged $700,000 Fraud" (Source: TheCable)