Court Remands Businessman In Prison


A federal high court sitting in Lagos, southwest Nigeria, has ordered that a Lagos businessman, Adeloye Richard Olukanmi, alleged to have obtained N80 million from the chairman and Chief Executive Officer of Cross Country Limited, Mr. Bube Okorodudu, should be remanded in prison custody till 7 March, 2011.

The order of the court was sequel to the arraignment of the accused businessman and his company, A.G Moller Limited, before the court on five-count criminal charge of transacting financial business without a valid licence by the Central Bank of Nigeria and conspiracy.

In the criminal charge number FHC/L/398C/2011 file before the court by police prosecuting counsel, Mr. Nkem Raphael from Force Headquarters, Abuja, Adeloye Richard Olukemi, between March, 2007 and January, 2010 at 2, Ebun Street Surulere, was alleged to have obtained N80 million from one Bube Okorodudu the chairman of Cross Country Limited in excess of the capital sum of N140 million advanced to him through the medium of a contract of finance lease facility.

Mr. Nkem alleged further that A.G Moeller Limited with certificate of incorporation RC 256506 and address of 2 Ebun Street, Surulere, transacted financial business without a valid licence as prescribed by Central Bank of Nigeria.

The accused pleaded not guilty. His lawyer, Mr. Ebun Adegboruwa, told the court that the accused has been on police bail and that he will not jump bail, as he came from his house to the court. Mr. Adegboruwa also told the court that he has filed bail application on behalf of the accused but the prosecutor told the court that the accused was granted police bail on the 4 March, 2011, but jumped bail as he never reported back to the police.

The presiding judge, Justice Okechukwu Okeke, adjourned the case till 7 March, 2011 when the his bail will be considered and ordered the accused to be remanded in prison till then.

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