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Olunloyo's Son, Akinkunle in Over N40m Fraud Mess ...Read Details

One of the children of former governor of Oyo state, Chief Victor Olunloyo, Akinkunle, was today, arraigned before an Igbosere Chief Magistrate's Court, on alleged N40 million fraud.

Akinkunle was arraigned before Chief Magistrate O. O. Oshin (Mrs), alongside his entertainment outfit,  Code Media Limited, by the Police Special Fraud Unit, (PSFU), Ikoyi-Lagos, on a two-count charge of conspiracy and fraud.

The Prosecutor, Sylvester Azubuike told the court that Olunloyo committed the offences in Lagos, "sometime in November 2014," in connivance with his accomplices, who are now on the run.

He said the defendants approached a financial institution for a loan facility and "with intent to defraud, obtained the sum of N40m" property of the complainant. 

Olunloyo allegedly told the complainant that "the money is to facilitate the renovation of his company's entertainment premises and hall respectively."

Azubike however, told the court that, after collecting the money, the defendant converted the N40 million to his own use, and failed to repay the facility.

The prosecutor told the court that  said the offences committed by the defendant are contrary to and punishable under sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011.

The defendant, Olunloyo pleaded not guilty. 

Following his plea of not guilty, his counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.

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

But in her Bench Ruling, Chief Magistrate Oshin observed that the defendant is standing trial on another charge before her, and granted him N500,000 bail with one surety in the like sum.

The matter has been adjourned till June 5, for trial.

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