The Economic and Financial Crimes Commission (EFCC) on Thursday, August 20, arraigned Brookfield Group Holdings CEO, Olatunji Adebola, also known as W
The Economic and Financial Crimes Commission (EFCC) on Thursday, August 20, arraigned Brookfield Group Holdings CEO, Olatunji Adebola, also known as Whitelion, over an alleged N990 million fraud at the FCT High Court in Maitama, Abuja.
The defendant was arraigned on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.
The EFCC alleged that Adebola and his company obtained the N990 million from a client under the guise of facilitating a $750,000 foreign exchange transaction.
According to the commission, the transaction was presented to the petitioner as a legitimate foreign exchange deal, resulting in the transfer of the funds to the defendants.
The case followed a petition dated Monday, April 6, submitted by the petitioner through its legal counsel, BB Dan Habu & Co. Solicitors.
Adebola pleaded not guilty to all four charges and denied the allegations against him.
Following his plea, prosecution counsel, Oluwakemi Yemi-Makinde, asked the court to remand Adebola in a correctional facility pending trial and requested a date for the commencement of proceedings.
Defence counsel, however, told the court that a bail application had been filed and urged the court to consider it.
Justice Ngozi subsequently granted Adebola bail, subject to conditions requiring him to produce two sureties.
The court ordered that one surety must be a civil servant on grade level 15, while the second must be a civil servant who owns landed property within Abuja.
The judge adjourned the case until Monday, September 15, for further proceedings.
