Justice Ibrahim Kala of the Federal High Court in Lagos has remanded a businessman, Bayo Adelore, in the custody of the Ikoyi Centre of the Nigerian Correctional Services (NCoS) over his alleged involvement in a N1 billion fraud.
Justice Kala ordered that Adelore be kept behind bars after he pleaded not guilty to a two-count charge of unlawful acquisition and conversion of N1 billion, which was said to be the proceeds of an unlawful act.
The police lawyers from the Special Police Fraud Unit (PSFU) had docked the defendant before the court alongside the company, Fincon Commodities Trading Limited, for the alleged offence.
The prosecutor, Sylvester Azubuike, had earlier informed the judge that the defendant, along with one Ibrahim Ariyoosu (now at large) and his firm, Gstep Logistics Limited, committed the alleged offences in Lagos sometime in 2024.
Azubuike had also claimed that the defendant intended to defraud by converting the mentioned amount for his personal use.
He further told the court that the sum belonged to Anchoria Advisory Services Limited, an investment and financial advisory company.
The prosecutor maintained that the offence is contrary to Sections 18(2)(b) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
Based on his plea, Azubuike urged the court to fix a trial date and also remand the defendant in the custody of the Nigerian Correctional Services pending the conclusion of the trial.
However, the defence lawyer, Remi Adetula, informed the court that he had filed his client’s bail application, which had been served on the prosecutor.
The prosecutor acknowledged receipt of the application and urged the court to exercise its discretion in determining it.
After listening to the lawyers, Justice Kala granted bail to the defendant in the sum of N1 billion, with one surety in a like amount.
The judge specified that the surety must be a civil servant of at least Grade Level 15 in either the Lagos State or federal government, or a landed property owner with a property valued at least N500 million naira located in Lagos or Ogun State, among other conditions.
The judge then adjourned the matter to September 29 for trial.
