Millionaire Lagos Businessman Remanded In Prison

A Federal High Court sitting in Lagos, Southwest Nigeria, has ordered that a Lagos businessman, Adeloye Richard Olukemi alleged to have obtained the sum of N80 million from Chief Executive Officer of Cross Country Company, Mr. Bube Okorodudu, should be remanded in prison custody till 7 March, 2011.

The order of the court was sequel to a five-count criminal charge number FHC/L/398C/11 filed before the court by police prosecuting counsel Suprintendent of Police Nkem Raphael from Force Headquarters Abuja.

In the said criminal charge it was alleged that Adeloye Richard Olukemi being the chairman/chief executive officer of A.G. Moeller Company on 29 March 2007 at 2, Ebun Street, Surulere in Lagos state with intent to defraud obtained the sum of N80 million from Bube Okorodudu, the Chief Executive Officer of Cross Country Limited in excess of the capital sum of N140 million advanced to him through the medium of contract of finance lease facility induced by false pretence.

The accused businessman was also alleged not only to have transacted financial business without a valid license by Central Bank of Nigeria, but also used his company A.G. Moeller Limited and the premises of 2, Ebun Street, Surulere, Lagos for fraudulent purpose of obtaining N80 million in excess of what is due to him from Bube Okorodudu.

The offences allegedly committed by the accused businessman are contrary to sections 517 of criminal code, section 59 (6) (b) of the Banks and Other Financial Institutions Act (BOFIA) and section 1 (2) and 1 (3) of the Advance Fee Fraud and other fraud related offences Act 2006.

The accused pleaded not guilty. Consequently his lawyer Mr. Ebun Olu Adegboruwa, urged the court to admit him to bail as he has been on police administrative bail since the beginning of the case. But the prosecutor opposed the application on the ground that immediately the accused was granted bail he disappeared while his surety were nowhere to be found.

Consequently, the police had to file an application before the court for warrant of arrest to be issued against him.

In his ruling the presiding judge, Justice Okechukwu Okeke while adjourning the case till 7 March when the bail application would be determined, ordered that the accused person should be remanded in prison custody.

—Akin Kuponiyi