A business owner identified as Adekunle Olunloyo has been charged before a Lagos Magistrates’ Court over alleged N40 million fraud.
The 40-year-old former nightclub 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 Olufolake 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.
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He said the defendants approached a financial institution for a loan facility and “with intent to defraud, obtained the sum of N40million.”
Olunloyo allegedly claimed that “the money is to facilitate the renovation of your company’s entertainment premises and hall respectively.”
According to the police, Olunloyo converted the N40million to his own use.
Azubuike said the offences contravened sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011.
Olunloyo pleaded not guilty.
His counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.
“We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required,” Soremekun added.
In a bench ruling, Chief Magistrate Oshin, observed that the defendant is standing trial on another charge before her, and granted him N500,000 bail with one surety in like sum.
The case was then adjourned to June 5.