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Police Arraigns Popular Ibadan Businessman Over Alledged N816 Million Fraud

A popular Ibadan-based businessman, Oluwabukola Odeleye, chairman CEO Beedel Strategic Investment Company Limited has been arraigned at Federal High Court in Lagos

Odeleye and his firm appeared before Justice Nicholas Oweibo on a charge marked FHC/L/342c/2022.

The suspect was arraigned by the Police Special Fraud Unit (PSFU) Lagos on Tuesday in connection with alleged N816million fraud and forgery.

According to the prosecuting counsel Emmanuel Jackson, the suspect allegedly committed the offences sometime in 2020 in Lagos.

Jackson, a Chief Superintendent of Police (CSP) and Officer-in-Charge of the PSFU’s legal department, also alleged that the duo defrauded two firms – Bostocke Close Investment Limited and Ctando Capital Limited – of the said N186 million.

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The court heard that they allegedly committed the offence with forged Local Purchase Orders (LPOs) of multinational firms and local firms.

The firms whose LPOs were said to have been forged included British-American Tobacco Nigeria Limited; Fan Milk Plc; Lafarge Nigeria Limited; National Agency for Prohibition of Trafficking in Persons (NAPTIP); G.R. Building and Constructions Nigeria Limited, and GB Foods Nigeria Limited.

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The defendants were also accused of converting the N816m “to their own use and benefit.”

Meanwhile, the defendants pleaded not guilty.

Counsel to the defendants, Olabiyi Ademola, who applied for Odeleye’s bail was opposed by Jackson, and supported his argument with a 14-paragraph-counter affidavit detailing why the court ought to exercise his bail discretion against Odeleye

The prosecutor applied for a trial date and prayed the court to remand Odeleye till the conclusion of the trial.

In his ruling, Justice Oweibo upheld Ademola’s bail application in the sum of N100million and one surety in the like sum.

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He adjourned till October 25 and 27, for trial and remanded the defendant in Nigerian Correctional Services (NCoS)’ custody till the perfection of the bail terms.

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