The Economic and Financial Crimes Commission (EFCC) has arraigned Adeseun Adeniyi Olukunle before the Lagos State High Court sitting in Ikeja over an alleged N238.35 million fraud.
Olukunle was arraigned on Monday, November 2, 2026, by the EFCC’s Lagos Zonal Directorate 1 before Justice A. O. Okunuga on a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property.
The alleged offences are said to be contrary to Sections 280, 287 and 328 of the Criminal Law of Lagos State, 2011.
One of the charges accused Olukunle, Chanaiyah International Limited and Omotosho Abraham Aremu, who is currently at large, of converting N11 million belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited, to the use of Faniran Olusoji John in 2025.
Another count alleged that the defendants converted N19 million belonging to the same complainant to the use of Omotayo Faniran.
Olukunle pleaded not guilty to all the charges when they were read to him.
Following his plea, prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand the defendant in a correctional centre pending the determination of the case.
Buhari also informed the court that Chanaiyah International Limited, the second defendant, was controlled by Aremu, who is currently at large. She consequently urged the court to enter a plea of not guilty on behalf of the company. The court granted the request.
However, defence counsel, Yusuf T. Nurudeen, informed the court that he had filed a bail application on behalf of his client and urged the judge to grant him 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 court’s jurisdiction, subject to verification by the court Registrar. Both sureties are also required to provide evidence of tax payment.
The case was adjourned until January 18, 19 and 20, 2027, for the commencement of trial.
