Financial Expert, Adenmosun in Messy N26Billion Fraud

A financial expert, the former director of Bank PHB (now Keystone), Funmi Adenmosun has appeared before a Federal High Court, sitting in Lagos over allegation of twenty-six point six billion naira money laundering.

Adenmosun was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development limited by the Economic and Financial Crimes Commission.

They were arraigned before Justice Daniel Osiagor of on a 10-count charge bordering on Conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

Arraigning the defendants, EFCC prosecutor, Rotimi Oyedepo urged the court to direct that the charge be read to the defendants for their plea.

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Subsequently, Adenmosun pleaded not guilty to all 10-count charge.

In view of his non guilty plea, the prosecutor requested for a trial date and urged the court to remand him in custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.

However, Adenmosun’s lawyer, Mr. Wale Adesokan (SAN) informed the court that a bail application dated January 13, 2022, has been filed and same has been served on the prosecution.

He urged the court to hand over Adenmosun to him assuring the court that he would always attend to his case.

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But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.

The judge directed that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.

The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.

The matter has been adjourned to February 24th, 5th and March 4, 2022 for hearing.


Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

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