By Abdulraheem Olanrewaju
The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Taiwo Sunday, before the Oyo State High Court in Ibadan over an alleged ₦123 million fraud.
Sunday was docked on Tuesday by the EFCC’s Ilorin Zonal Directorate before Justice Kareem Adedokun on a two-count charge of stealing.
According to the prosecution, the defendant allegedly obtained the funds from a complainant, Oluwarotimi John, under the pretext of supplying motorcycles.
The EFCC told the court that Sunday claimed to have exclusive dealership arrangements with distributors in Lagos and parts of northern Nigeria, prompting the complainant to make payments totalling ₦123,050,000 into accounts linked to his company, Yemsund Enterprise.
However, the motorcycles were never delivered, and the funds were allegedly not refunded.
One of the charges stated that the defendant, between May 3 and 5, 2024, allegedly converted ₦62.4 million meant for the supply of motorcycles to personal use.
A second count alleged a similar offence involving ₦62.6 million between June 29 and July 1, 2024.
The offences are said to contravene Section 390 of the Criminal Code Law of Oyo State, 2000.
The defendant pleaded not guilty to the charges.
Following the plea, prosecution counsel Abiddeen Aliyu asked the court to fix a trial date, while defence counsel Shola Peter applied for bail.
Justice Adedokun granted bail in the sum of ₦2 million, with two sureties in like sum, each required to own landed property within Ibadan. The court also ordered the defendant to deposit his international passport with the registry.
The case was adjourned to June 17, 2026, for the commencement of trial.
