LAGOS – The Economic and Financial Crimes Commission (EFCC) has arraigned a businesswoman, Adekemi Folorunsho, before the Lagos State Special Offences Court, Ikeja, over allegations of defrauding a woman of $700,000 under the guise of operating as a bureau de change agent.
Folorunsho, alongside three alleged accomplices still at large, is also accused of dishonestly converting the sum of N190 million belonging to one Mrs. Osolake Ayodele to her personal use.
The EFCC slammed a three-count charge on the defendant, bordering on obtaining money by false pretence, conspiracy to obtain money by false pretence, and stealing. She pleaded not guilty to all charges.
Prosecuting counsel, Ms. Nanbam Mutfwang, informed the court that the alleged offences occurred in two separate transactions. According to her, in October 2021, Folorunsho, with intent to defraud, dishonestly converted N190 million from the complainant.
Additionally, in 2023, she allegedly obtained \$700,000 under the pretext of being a foreign exchange broker capable of converting the amount to its naira equivalent — a claim the EFCC says was false.
Mutfwang told the court that the offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, as well as Section 285(1) of the Criminal Law of Lagos State, 2011.
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She then requested a trial date for the commencement of proceedings.
In response, defence counsel, Mr. Shina Makinde, moved a motion for bail, urging the court to grant his client bail on liberal terms.
He noted that the defendant is a reputable businesswoman with over 100 employees and had complied fully with administrative bail earlier granted by the EFCC.
“My lord, the defendant is a reputable and honest businesswoman who employs over 100 people. She has shown no intention of fleeing or avoiding trial.
She complied with all the terms of the EFCC’s administrative bail,” Makinde submitted.
The prosecution did not oppose the bail application, leaving the matter to the discretion of the court.
In her ruling, Justice Olubunmi Abike-Fadipe granted Folorunsho bail in the sum of N50 million with two sureties in like sum.
She ordered that the bail conditions must be perfected within two weeks, failing which the defendant would be remanded at the correctional centre.
The matter was adjourned to October 9, 2025, for trial.
