The Economic and Financial Crimes Commission (EFCC) has arraigned Adeseun Adeniyi Olukunle before the Lagos State High Court in Ikeja over an alleged N238.35 million fraud, with the court granting him bail in the sum of N300 million.
Related: EFCC arraigns man over alleged N5.7m tractor auction fraud
Olukunle appeared before Justice A. O. Okunuga on Monday, November 2, 2026, facing a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property. He pleaded not guilty to all the charges.
Key Highlights
- EFCC arraigns Adeseun Adeniyi Olukunle over alleged N238.35 million fraud.
- The defendant faces a 10-count charge involving alleged fraud, stealing and retention of stolen property.
- Chanaiyah International Limited and another defendant, Omotosho Abraham Aremu, are also named in the case.
- Aremu is reportedly at large.
- Lagos High Court grants Olukunle N300 million bail with two sureties.
- Trial is scheduled to begin on January 18, 2027.
EFCC Details Alleged N238.35m Fraud
The arraignment was conducted by the EFCC’s Lagos Zonal Directorate 1. The alleged offences are said to contravene Sections 280, 287 and 328 of the Criminal Law of Lagos State, 2011.
According to the charge, Olukunle allegedly committed the offences alongside Chanaiyah International Limited and Omotosho Abraham Aremu, who is currently at large.
One of the counts accused Olukunle, Chanaiyah International Limited and Aremu of converting N11 million belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited, to the use of Faniran Olusoji John sometime in 2025 in Lagos.
Another count alleged that the defendants converted N19 million belonging to the same complainant to the use of Omotayo Faniran.
The defendant, however, pleaded not guilty to all 10 counts when they were read before the court.
EFCC Seeks Remand as Defence Applies for Bail
Following the plea, EFCC prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand Olukunle in a correctional facility pending the determination of the case.
Buhari also informed the court that Chanaiyah International Limited, listed as the second defendant, was controlled by Aremu, who is currently at large.
She subsequently asked the court to enter a not-guilty plea on behalf of the company. Justice Okunuga granted the request.
However, defence counsel, Yusuf T. Nurudeen, told the court that he had filed a bail application on behalf of his client and urged the judge to grant the defendant bail on liberal terms.
Read also:
- EFCC Arraigns Man Over Alleged N5.7m Tractor Auction Fraud
- EFCC Tenders Phones, Cash, Prado Jeep Against Suspects In $700,000 Fraud Case Trial
- Lagos Court Jails Couple 14 Years Each Over ₦67.6m Estate Fraud
Court Grants N300m Bail, Sets Conditions
In the 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 were also required to provide evidence of tax payment as part of the bail conditions.
The court adjourned the case until January 18, 19 and 20, 2027, for the commencement of trial.
Olukunle is expected to return to court on the scheduled dates as proceedings over the alleged N238.35 million fraud continue.
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