The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Monday, November 2, 2026, arraigned Adeseun Adeniyi Olukunle before Justice A. O. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos, for an alleged N238.35 million fraud.
Olukunle was arraigned on a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property.
The alleged offences are contrary to Sections 280 and 287 of the Criminal Law of Lagos State, 2011 and Section 328 of the same law,
One of the counts reads: “That you, Adeseun Adeniyi Olukunle, Chanaiyah International Limited and Omotosho Abraham Aremu (at large), sometime in 2025 in Lagos, within the jurisdiction, converted the sum of N11,000,000.00 (Eleven Million Naira) to the use of Faniran Olusoji John, property of Temitope Bolarinde Samuel, aka Boteam Nigeria Limited.”
Another counts reads: “That you, Adeseun Adeniyi Olukunle, Chanaiyah International Limited and Omotosho Abraham Aremu ( at large), sometime in 2025, in Lagos, within the jurisdiction converted the sum of N19, 000,000.00 (Nineteen Million Naira) to the use of Omotayo Faniran property of Temitope Bolarinde Samuel a. k. a. Bó team Nigeria Limited “.
He pleaded not guilty to the charges when they were read to him.
Following his plea, prosecuting counsel, Bilikisu Buhari, urged the court to fix a trial date and remand the defendant in a Correctional centre pending trial.
She informed the court that the second defendant, Chanaiyah International Limited, was controlled by Omotosho Abraham Aremu, who is currently at large. She consequently urged the court to enter a plea of not guilty on behalf of the company, a request that was granted.
However, defence counsel, Yusuf T. Nurudeen, informed the court that he had a bail application on behalf of his client and urged the court to grant the defendant bail on liberal terms.
In his ruling, Justice Okunuga granted Olukunle bail in the sum of N300 million, with two sureties in like sum.
The judge directed that one of the sureties must own landed property within the jurisdiction of the court, subject to verification by the court Registrar. The sureties were also required to provide evidence of tax payment.
The case was adjourned to January 18, 19 and 20, 2027, for the commencement of trial.