Ex-Oyo governor’s son faces N40m fraud charge.



Pfandergloria

30 April 2018


Akinkunle Olunloyo, son of former governor old Oyo State , Dr Victor Olunloyo, was on Monday brought before an Igbosere Magistrates ’ Court , Lagos , for allegedly defrauding a financial institution to the tune of N 40 million.




Olunloyo, 40, a former night club owner, was charged alongside his entertainment firm , Code Media Ltd, by the Police Special Fraud Unit ( PSFU ) , Lagos .




They are standing trial on a two -count charge of conspiracy and fraud .
Police Prosecutor Sylvester Azubuike told the court that Olunloyo and others still at large, committed the offences sometime in November 2014 in Lagos .




He said the accused fraudulently obtained N 40 million under guise of using it to renovate his company’ s entertainment premises and hall .
According to the police, Olunloyo did not pay back the money, instead , he converted it to his own use.




The offences contravened Sections 312( 1) , ( b) , 312 ( 3) and 409 of the Criminal Law of Lagos State , 2011.
Olunloyo pleaded not guilty and his lawyer , Mr Seyi Soremekun, urged the court to grant him on self -recognition or on liberal terms .




Soremekun said : “ We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required . ”




In her ruling , Magistrate O . O . Oshin observed that the accused was already standing trial on another charge before her .
She granted the accused a bail of N 500, 000 with one surety in the like sum and adjourned the case until June  5.


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