A prince from Owo, Toluwalade Olateru Olagbegi has been arraigned in court by the Economic and Financial Crimes Commission, EFCC, over a N35.5 million fraud.
EFCC is prosecuting the suspect – Toluwalade John Olateru Olagbegi – before Justice Uche Agomoh at the Federal High Court, Ibadan, on one count charge bordering on obtaining money by false pretence.
The offence was committed in Ibadan where he allegedly collected the sum from a businessman, Julius Olorunsogo Alase under false pretence of trading in forex.
The anti-graft agency said the offence contravenes Section 1(1)(a) and is punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.
After the charge was read against the suspect, he pleaded ‘not guilty to the offence.
The charge reads: “That you, Toluwalade John Olateru-Olagbegi on or about 4th of March, 2021, at Ibadan within the Ibadan Judicial Division of this Honourable Court with intent to defraud, obtained the sum of Thirty-Five Million and Five Hundred Thousand Naira (N35,500,000:00) only from Julius Olorunsogo Alase (a Nigeria Businessman) on behalf of Lusan Royal Trading by false pretending it was part payment of the cost of an inflow of One Million United States of America Dollars (USD $1,000,000:00)only you claimed to have secured for him; which representations you knew to be false and you thereby committed an offence contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.”
Subsequently, Justice Agomoh ordered the remand of the defendant in the Nigerian Correctional Centre, Agodi.
While adjourning the case till October 25 for hearing of the bail application, the judge fixed November 15 for commencement of trial.