30th November, 2024
By Akin Kuponiyi
The Federal High Court in Lagos has postponed the hearing of a $9,841,100 (approximately ₦78.65 billion) theft case involving Touch of Fame, TOF Energy Company Limited.
The case, initiated by the Economic and Financial Crimes Commission (EFCC), will now resume on 31 March 2025.
During Monday’s session, the defence counsels, Aminat Adepoju and Loveth Eboh, withdrew their preliminary objection, initially filed on 18 November 2024.
The application sought to quash the amended charges filed against TOF Energy. Justice Chukwujekwu Aneke struck out the application following the withdrawal, with no cost awarded, despite the EFCC’s request for one.
The EFCC, represented by senior counsel Rotimi Oyedepo, SAN, and seven other lawyers, had filed an eight-count charge against TOF Energy and its alleged accomplice, Jyde Adekun (still at large), on 24 August 2023.
The charges detail offences related to money laundering and the unlawful retention of funds suspected to be proceeds of crime.
Key Allegations
Count 1: Conspiring to retain $4.92 million in a domiciliary account at Polaris Bank, despite knowing it was proceeds of unlawful activity.
Counts 2-8: Retaining various sums, ranging from $9,985 to $1.2 million, between August and September 2018, linked to suspected fraud and stealing.
All offences contravene the Money Laundering (Prohibition and Prevention) Act, 2011, and carry penalties under its provisions.
The court is expected to address the substantive charges during the next hearing.
