Court remands suspect over alleged N492.5m fraud

Justice Rilwan Aikawa, sitting at the Federal High Court, Lagos, on Tuesday ordered that a vehicle dealer arraigned for fraud, Olabisi Sulaimon Akanbi, alias Labo, be remanded in the custody of the Economic and Financial Crimes Commission (EFCC). Akanbi was arraigned alongside four companies, namely: Labo Entertainment Limited, Labo Autos Limited, Labo Group of Companies […]

Justice Rilwan Aikawa, sitting at the Federal High Court, Lagos, on Tuesday ordered that a vehicle dealer arraigned for fraud, Olabisi Sulaimon Akanbi, alias Labo, be remanded in the custody of the

Economic and Financial Crimes Commission (EFCC).

Akanbi was arraigned alongside four companies, namely: Labo Entertainment Limited, Labo Autos Limited, Labo Group of Companies Limited and Facebuk Magazine Limited, on a four-count charge bordering on obtaining money under false pretence and money laundering to the tune of N492.5 million.

One of the counts read that Akanbi, Labo Entertainment Limited, Labo Autos Limited, Labo Group of Companies Limited, Facebuk Magazine

Limited and Olaoluwa Wahab Akanbi sometime between 2017and 2018 in Lagos transferred the sum of N210m to Arknad Properties Limited whenthey ought to have known that such funds formed part of the proceeds of an unlawful act, “to wit obtaining money under false pretence contrary to Section 15(2)(b) of the Money Laundering Prohibition Act

2011, as amended and punishable under the same section of the Act.”

Akanbi pleaded not guilty to the charge, consequent upon which the EFCC counsel, M.K. Hussain, urged the court to give a trial date and remand the defendant in prison custody.

But his counsel, Chief Ifedayo Adedipe, urged the court to remand his client in EFCC custody.

Chief Adedipe said, “We were served with this charge at the close of work on Friday. I plead with my Lord to give a short date for us to file our bail application and remand the defendant in EFCC custody pending bail.”

Justice Aikawa, in his short ruling, granted the prayer and ordered that Akanbi be remanded in EFCC custody.

The judge adjourned the case till May 30, 2019 for hearing of the bail application.