Two businessmen, Akeem Adekunle and Kayode Olusola Ayodeji, have been remanded in a correctional facility for alleged conspiracy and money laundering amounting to N2.8 billion.
Justice Ismail Ijelu of the Lagos State High Court, sitting in Ikeja, ordered their remand following their arraignment by the Economic and Financial Crimes Commission (EFCC).
They were charged with three counts of laundering funds and conspiracy to launder funds obtained through unlawful activity, which is contrary to the provisions of Sections 7 and 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The prosecution counsel, Suleiman, told the court that the defendants, along with others, namely Odunayo Rashidat Popoola (at large) and Afolabi Olushola Sunday (also at large), conspired between September 21, 2023, and October 4, 2023, in Lagos.
They committed a felony by transferring property derived from an illegal act amounting to N2,737,784,800.00 from Afolabi Olushola Sunday’s unlawful activity to disguise its illegal origin.
In June 2023, Akeem Adekunle procured one Esther Titilayo to open an Access Bank account with the intent of promoting Afolabi Olushola Sunday in carrying on with stealing.
Read Also: £1million: Absence of a Syndicate Stalls the Trial of Alleged Serial Fraudsters
The defendants pleaded not guilty to the three counts charge.
Following their plea, the prosecution counsel, Suleiman, prayed to the court for a trial date and urged the court to remand the defendants in the correctional centre pending the determination of the charge.
However, the first defendant’s counsel, Grace Adenubi, prayed for a stand-down of the case for her to file a bail application, which was declined by the court.
Similarly, the second defendant’s counsel, Catherine Nwagbara, is yet to file bail applications before the court. She prayed for a short date to file and serve the prosecution the bail application.
Justice Ijelu adjourned the case to May 6, 2024, for trial and ordered the defendants to be remanded in a correctional facility.
