EFCC Arraigns Man Over Alleged N238.3m Fraud in Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned one Adeseun Adeniyi Olukunle before the Lagos State High Court in Ikeja over an alleged N238.35 million fraud.

Olukunle was arraigned on Monday, November 2, 2026, before Justice A. O. Okunuga on a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property.

The offences are contrary to Sections 280 and 287 and Section 328 of the Criminal Law of Lagos State, 2011.

According to the charge, Olukunle, alongside Chanaiyah International Limited and one Omotosho Abraham Aremu (now at large), allegedly converted various sums belonging to one Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited.

One of the counts reads: “That you, Adeseun Adeniyi Olukunle, Chanaiyah International Limited and Omotosho Abraham Aremu (at large), sometime in 2025 in Lagos, converted the sum of N11,000,000 to the use of Faniran Olusoji John, property of Temitope Bolarinde Samuel, aka Boteam Nigeria Limited.

“Another count accused the defendants of converting N19 million to the use of Omotayo Faniran, property of the same complainant.The defendant pleaded not guilty to all the charges.Prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand the defendant in a correctional centre.

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She informed the court that the second defendant, Chanaiyah International Limited, was controlled by Omotosho Abraham Aremu who is currently at large, and urged the court to enter a plea of not guilty on behalf of the company. The request was granted.

Defence counsel, Yusuf T. Nurudeen, however, informed the court of a bail application and urged the court to grant his client bail on liberal terms.

In his ruling, Justice Okunuga granted Olukunle bail in the sum of N300 million with two sureties in like sum.

The judge directed that one of the sureties must own landed property within the jurisdiction of the court, subject to verification by the court Registrar, and must provide evidence of tax payment.

The case was adjourned to January 18, 19 and 20, 2027 for commencement of trial.

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