The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Nosakhare Olawale, before a Lagos State High Court over an alleged N21 million fraud.
Olawale was charged on two counts relating to stealing and alleged violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
The arraignment occurred on Wednesday at the Lagos State High Court sitting in Ikeja, where Justice O.A. OKunuga presided over the proceedings initiated by the EFCC’s Lagos Zonal Directorate 2 following thorough investigations into complaints of deceitful transactions.
During his trial, the anti-graft agency told the court that Olawale allegedly misappropriated the funds in violation of existing money laundering laws, noting that the offences carry penalties under relevant sections of the Act.
According to EFCC prosecutor, he allegedly converted the sum for personal use, depriving the rightful owner of the funds.
After the charges were read to him in a language he understands, Olawale pleaded not guilty.
The prosecution then requested a trial date and urged the court to remand the defendant in a correctional facility pending the outcome of the case.
Justice Okunuga adjourned the matter for trial and ordered that Olawale remain in custody until he fulfills the conditions of his bail.
