By Anifowoshe Oladipupo
The Economic and Financial Crimes Commission (EFCC), has arraigned a businesswoman, Adekemi Folorunsho, before the Lagos State Special Offences Court, Ikeja, for allegedly defrauding a client of $700,000 and stealing N190 million under the guise of operating as a bureau de change operator.
Folorunsho was docked on Thursday alongside three accomplices who are currently at large.
She faces a three-count charge bordering on obtaining money by false pretence, conspiracy, and theft.
According to EFCC counsel, Nanbam Mutfwang, the defendant and her accomplices obtained $700,000 from one Mrs. Osolake Ayodele in 2023 by falsely claiming she could convert the funds to naira as a foreign exchange broker, a claim the commission said was knowingly false.
The EFCC also alleged that in October 2021, Folorunsho dishonestly converted N190 million belonging to the same complainant for her personal use.
The offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, and Section 285(1) of the Criminal Law of Lagos State, 2011.
Folorunsho pleaded not guilty to all charges.
Her counsel, Mr. Shina Makinde, applied for bail, urging the court to consider her status as a reputable businesswoman who employs over 100 staff and had complied with EFCC’s administrative bail conditions.
The prosecution did not oppose the application, leaving the matter to the court’s discretion.
In her ruling, Justice Olubunmi Abike-Fadipe granted bail in the sum of N50 million with two sureties in like sum.
She ordered that the conditions be met within two weeks, failing which the defendant would be remanded in custody.
The case was adjourned to October 9, 2025, for trial.
