Court Denies Accountant Bail Over N1.07bn, $975,102 Fraud

Justice Kehinde Ogundare of the Federal High Court in Lagos has again declined to grant bail to a chartered accountant, Ayinuola Omafume, who was accused by the police of stealing N1.07 billion and $975 102.58 USD from her employer.
This is the second time Omafume has been denied bail by the court. Justice Akintayo Aluko, sitting as a vacation judge, had earlier dismissed her application on September 15, 2023, in which she sought a temporary release from detention until her trial was concluded.

Justice Aluko had held that the defendant was a flight risk, as canvassed by the prosecutor, Morufu A. Animashaun, a legal officer at the Force Criminal Investigation Department (ForceCID) Annex, Alagbon-Ikoyi, Lagos.
In the new ruling, Justice Ogundare held that he could not sit as an appellate court on the decision of a court of coordinated jurisdiction.
Omafume was arraigned before the court alongside her mother, Lydia Ehrievuyere, and their company, Patridia Resources Limited, on a 15-count charge of conspiracy, unlawful conversion of funds, money laundering and fraud by the Police Force Criminal Investigation Department (ForceCID) Alagbon.

The police prosecutor, Morufu Animashaun, informed the judge that the defendants committed the alleged crime between 2017 and 2021 at Trailer Park, Agbara, Lagos.
Animashaun further claimed that the defendants committed the alleged fraud against some companies, which include Oritsetimeyin Logistics Limited, PUO Assets Limited, Resolution Capital Limited, Pine Petosan Limited, Grace Capital Ltd, RsL International Limited, RsL Ventures Capital Limited, Grace & Mercy Capital Limited, Grace Assets Limited and one Peter Ukuoritsemofe Ololo.

The police lawyer also told the court that the funds allegedly stolen by the defendants were meant to purchase and supply consumables for the offices of the companies listed above.
He alleged that the first defendant, Ayinuola, while working with the companies listed above, used her position to illegally convert various sums of money amounting to the total sum of N1, 072, 254 411 billion and $975 102.58 USD to her personal use.
Animashaun further informed the judge that the second defendant and her company, Patricia Resources Limited, concealed the origin of the funds they received from the first defendant.

The prosecutor stated that the second defendant allegedly used parts of the funds to purchase and develop her family House at 14 Irawodidia Street, Obadore, Off LASU Road, Igando, Lagos.
He maintained that the offences contravened sections 8(a), 7 (1) (b)(i), 1 (3) of The Advance Fee Fraud and Other Related Offences Act 2006. And punishable under Sections 1 (3) and 7 (2)(b) of the same Act.
The defendants, however, pleaded not guilty to the charge.

The defendants were re-arraigned before Justice Ogundare after the court’s annual vacation.
The prosecutor, Morufu Animashaun, had also amended the charge to 18 counts of conspiracy, obtaining by false pretence, forgery and fraud of N5.993 billion and $975,102.58.
The judge has adjourned the matter to May 16 for trial.