Court Remands Businessmen over Alleged N2.8bn Money Laundering

Two businessmen, Akeem Adekunle and Kayode Olusola Ayodeji, have been ordered to be remanded in prison custody for alleged conspiracy and money laundering of N2.8 billion.

Justice Ismail Ijelu of the Ikeja Division of the Lagos High Court, on Monday, ordered that the defendants be remanded in a correctional facility following the arraignment by the Financial Crimes Commission (EFCC).

The EFCC arraigned them on an amended three-count charge bordering on laundering funds and conspiracy to launder funds obtained through unlawful activity.

The prosecution counsel, Suleiman, told the court that the duo of Adekunle and Ayodeji, along with Odunayo Rashidat Popoola (at large) and Afolabi Olushola Sunday, aka ‘Asiwaju Something’, who was also at large between September 21, 2023, and October 4, 2023, in Lagos, conspired.

They were said to have committed a felony: transferring property derived from an illegal act, to the tune of N2,737,784,800.00, from the unlawful activity of Afolabi Olushola Sunday to disguise its illegal origin.

Akeem Adekunle, sometime in June 2023 in Lagos, persuaded “one Esther Titilayo” to open an Access Bank account to promote Afolabi Olushola Sunday in carrying on with Stealing,” EFCC alleged.

They pleaded not guilty to the three counts charge.

Following their plea, the prosecution counsel, Suleiman, prayed the court for a trial date and urged the court to remand the defendants in prison custody pending the determination of the charge.

However, the first defendant’s counsel, Grace Adenubi, prayed for the case to be dismissed so that she could file a bail application, which the court declined.

The second defendant’s counsel, Catherine Nwagbara, has yet to file bail applications. She prayed for a short date for her to file and serve the prosecution with the bail application.

Justice Ijelu adjourned the case for trial until May 6, 2024, and ordered the defendants to be remanded in prison custody.