EFCC logo
By Victory Oghene
Top Lagos based businesswoman,
Adekemi Folorunsho, is currently entangled in an alleged ‘$700,000 Fraud, N190m Theft.’
Based on this development, the Economic and Financial Crimes Commission (EFCC) arraigned her before the Lagos State Special Offences Court, Ikeja, for allegedly defrauding $700,000 and stealing N190 million under the pretext of operating as a bureau de change operator.
Folorunsho was arraigned alongside three accomplices, who are currently at large, on three-count charges bordering on obtaining money by false pretence, conspiracy to obtain money by false pretence, and theft.
EFCC counsel, Nanbam Mutfwang, informed the court that the defendant, along with others still at large, fraudulently obtained $700,000 from one Mrs Osolake Ayodele in 2023 by falsely representing herself as a foreign exchange broker.
She allegedly claimed she could convert the sum to naira, a representation the prosecution said she knew to be false.
The EFCC also accused her of dishonestly converting N190 million belonging to the complainant to her personal use in October 2021. According to the commission, the offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act and Section 285(1) of the Criminal Laws of Lagos State, 2011.
Folorunsho pleaded not guilty to all three counts.
Following her plea, her counsel, Mr Shina Makinde, moved a motion for bail, urging the court to grant it on liberal terms. He argued that his client is a reputable businesswoman who employs over 100 staff and has consistently complied with the administrative bail earlier granted by the EFCC.
The prosecution did not oppose the bail application, leaving the decision to the court’s discretion. In her ruling, Justice Olubunmi Abike-Fadipe granted bail in the sum of N50 million with two sureties in like sum. She ordered that the bail conditions must be perfected within two weeks; failing this, the defendant would be remanded to custody.
The matter was adjourned till October 9, 2025, for trial.
