News Agency of Nigeria (NAN), disclosed that the son of former governor of Oyo state, Dr Victor Omololu Olunloyo was arraigned before the Igbosere Magistrate Court, in Lagos for defrauding a financial institution of the said amount.
40-year-old Akinkunle who was identified as a former club owner, was charged alongside his entertainment firm, Code Media Limited, by the Police Special Fraud Unit (PSFU).
News has it that Kemi Olunloyo’s brother, Akinkunle, was on Monday, April 30, allegedly arrested over N40million fraud. News Agency of Nigeria (NAN), disclosed that the son of former governor of Oyo state, Dr Victor Omololu Olunloyo was arraigned before the Igbosere Magistrate Court, in Lagos for defrauding a financial institution of the said amount. 40-year-old Akinkunle who was identified as a former club owner, was charged alongside his entertainment firm, Code Media Limited, by the Police Special Fraud Unit (PSFU). Akinkunle Olunloyo arrested over N40m fraud in Lagos. Source: Lailasblog READ ALSO: Young man reveals how he was nearly beaten to death for helping his classmate The Police Prosecutor Sylvester Azubuike told the court that Akinkunle and others committed the offence sometime in November 2014 in Lagos.
The accused fraudulently obtained N40m under guise of using it to renovate his company’s entertainment premises hall.
He did not pay back the money but allegedly converted it to his own use.
Akinkunle and others are standing trial on a two-count charge of conspiracy and fraud.
Akinkunle reportedly pleaded not guilty and his lawyer, Seyi Soremekun, urged the court to grant him bail on self-recognition or liberal terms.
He said: “We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required.”
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