Capitalist Oluwatomilola Balogun was arraigned in a Lagos High Court, at Tafawa Balewa Square, for allegedly obtaining N68.6 million and $10,000 from four investors using pretenses.
She appeared before Justice Ibironke Harrison and two companies, Twelvest Ltd., and Vestract Ltd.
She is charged with four counts of obtaining under false pretences.
According to Lagos State Prosecution counsel, Ade Erinkitola, the defendant committed the crimes in February 2019 and December 2021 at Suite GO2B, Waterside, 5 Admiralty Road off Lekki Phase 1, Lagos.
It was alleged that the defendant fraudulently obtained N36.6 million and $5,000 from one of the plaintiffs George Epebitie, by representing herself as financial advisor.
It was also alleged that the defendant fraudulently acquired N12 million and $4000 from Eriye Onagoruwa.
In addition, Erinkitola said the defendant fraudulently acquired N5.5 million and $1,000 from Adeola Odunlami.
In her role as a financial advisor, she also fraudulently obtained N14.5 million from one Modupe Ayeni.
According to Erinkitola, Epebitie and others were advised to invest in businesses and were promised a return on their investment, but never did.
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She said the offences contravened Section 314(3) of the Criminal Law, Ch. C17, Vol. 3, Laws of Lagos State, 2015.
The defendant pleaded not guilty to the offences.
Erinkitola urged the court to remand the defendant to a correctional facility pending the determination of her bail application.
In response, the Defence Counsel, Olabisi Makanjuola, informed the court that the defendant was on administrative bail.
Makanjuola urged the court to allow her to continue enjoying the administrative bail, adding that she is a nursing mother.
He also told the court that he would ensure that the defendant attended court proceedings.
In her ruling, Justice Harrison, granted the defendant’s prayer, saying “The offence is a bailable offence.”
She, however, ordered the defence to serve their bail application to the other party.
The judge adjourned the case until May 2, for the commencement of trial and hearing of the bail application.
