Akinkunle Olunloyo, the son of a former governor in the South West, has been brought before a Lagos Magistrates’ Court in Igbosere over alleged N40 million fraud. Olunloyo, 40, a former night club owner, was charged alongside his entertainment firm, Code Media Limited, by the Police Special Fraud Unit, (PSFU), Lagos.
They are standing trial on a two-count charge of conspiracy and fraud, before Chief Magistrate O. O. Oshin.
Prosecuting counsel, Sylvester Azubuike, told the court that Olunloyo committed the offences “in Lagos sometime in November 2014 in connivance with accomplices, who are now on the run.”
He said the defendants approached a financial institution for a loan facility and with intent to defraud obtained the sum of N40million from the complainant.
Olunloyo allegedly told the complainant that the money is to facilitate the renovation of his company’s entertainment premises and hall respectively.
According to the police, Olunloyo converted the N40million to his personal use.
Azubuike said the offences contravened sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011 and punishable under same.
The ex-governor’s son pleaded not guilty to the charges.
His counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.
Soremekun added: “We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required.”
In a Bench Ruling, Chief Magistrate Oshin, observed that the defendant is standing trial on another charge before her and granted him bail in the sum of N500,000 with one surety in like sum.
The case continues on June 5.
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