Ondo prince arraigned on N35.5m fraud

The Ibadan Zonal Command of the Economic and Financial Crimes Commission arraigned one Toluwalade Olateru-Olagbegi before Justice Uche Agomoh of the Federal High Court sitting in Ibadan on one count charge bordering on obtaining money by false pretence to the tune of N35,500,000.00.

Olateru-Olagbegi, reportedly a prince from Owo, Ondo State, resides in the Bodija area of Ibadan, and allegedly collected the sum from the complainant on the pretext of trading in forex.

The charge reads: “That you, Toluwalade John Olateru-Olagbegi on or about 4th of March, 2021, at Ibadan within the Ibadan Judicial Division of this Honourable Court with intent to defraud, obtained the sum of Thirty Five Million and Five Hundred Thousand Naira (N35,500,000:00) only from Julius Olorunsogo Alase (a Nigerian businessman) on behalf of Lusan Royal Trading by falsely pretending it was part payment of cost of an inflow of One Million United States of America Dollars only (USD $1,000,000:00) [that] you claimed to have secured for him; which representations you knew to be false and you thereby committed an offence contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.”

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The defendant pleaded not guilty when the charge was read to him.

Justice Agomoh thereafter ordered the remand of the defendant in the Nigeria Correctional Centre, Agodi and adjourned the case until October 25, 2021, for hearing of the bail application, and November 15, 2021, for the commencement of trial.

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