Lagos Arraigns Financial Advisor Over Alleged N69m, $10,000 Fraud

The Lagos State government has arraigned a Financial Advisor, Oluwatomilola Balogun before the state high court sitting at Tafa Balewa Square over her alleged involvement in N69 million and $10,000 fraud.

Balogun was docked before Justice Ibironke Harrison alongside two companies, Twelvest Limited and Vestract Limited, on a four-count charge of obtaining money under false pretences, contrary to section  314(3) of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

The prosecutor, Ms Ade Erinkitola, told the court that the defendants allegedly obtained money from four victims by posing as financial advisors and promising them high returns on investment.

Erinkitola also claimed that the defendants obtained N36,671,000.00 and $5,000 from Omobolanle George Epebitie, N12,000,000.00 and $4,000 from Eriye Onagoruwa, N5,585,000.00 and $1,000 from Adeola Odunlami, and N14,500,000.00 from Modupe Ayeni.

The defendants, however, pleaded not guilty to the charge.

Based on the plea, the prosecutor urged the court to remand Balogun in the custody of the Nigerian Correctional Services pending the determination of the conclusion of her trial.

However, the defense counsel, Olabisi Makanjuola informed the court that the defendant is on administrative bail, urging the court to  allow her to continue enjoying the bail condition because she is a nursing mother.

Makanjuola also undertakes to produce the defendant for trial if the judge chose to release her to him before the hearing of the bail application.

Justice Harrison granted the lawyer’s request, stating that the defendant is eligible for bail.

The judge further advised the lawyer to serve the bail application on the prosecution before the next court date to enable the court to hear it.

She then adjourned the matter to May 2 for the commencement of the trial and hearing of the application.