The Economic and Financial Crimes Commission, EFCC, has arraigned three men, Saka Olubamishe, Olusegun Omogoye and Olumuyiwa Adesina, for allegedly stealing N29 million.
The defendants are facing trial before an Ikeja Special Offences Court, on a three-count charge of conspiracy to commit felony, stealing and obtaining by false pretences.
According to the EFCC counsel, Mr Babangida Isah, the defendants conspired and committed the offences sometime in July 2023, in Lagos.
Isah told the court that the defendants fraudulently converted the sum of N29 million, property of Mr Awolaja Sherri and Mr Akintoye Ganiyu, to their own use.
The EFCC submitted that the defendants obtained the money under guise of transferring the United States Dollar equivalent of the money, at the rate of N750 per dollar to a company, Copart Auto Auction in America.
Isah said the defendants knew that the representation they made was false.
According to him, the alleged offences violate sections 280(2) and 411 of the Criminal Law of Lagos State 2015.
The offences also violate sections 1(1) (a) and 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006.
The trio pleaded not guilty to the charge.
Isah, thereafter, asked for a trial date and urged the court to remand defendants at the correctional centre.
The defendants counsel, Mr S. T. Ladokun, informed the court of a pending bail application, urging the court to grant bail to the defendants on liberal terms.
Justice Olubunmi Abike-Fadipe granted bail to the defendants in the sum of N10 million each with two sureties each in like sum.
The judge ordered that the sureties should be gainfully employed and should show evidence of two years tax payment to the Lagos State Government.
The judge adjourned the case until January 23, 2025, for commencement of trial.
EFCC arraigns three over alleged N29m theft
