EFCC arraigns businessman for alleged N123m fraud
Stephen Olufemi Oni, Ilorin
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), has arraigned a businessman, Taiwo Sunday, on a two-count charge of alleged fraud to the tune of ₦123 million before Justice Kareem Adedokun of the Oyo State High Court sitting in Ibadan.
The offence is contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.
The defendant’s ordeal began when the complainant, Oluwarotimi John, alleged that in April 2024, Sunday approached him with an offer to supply motorcycles, claiming to have exclusive dealership arrangements with major distributors in Lagos and some states in the northern part of the country.
The petitioner further alleged that the sum of ₦123,050,000.00 (One Hundred and Twenty-Three Million, Fifty Thousand Naira) was paid into Sunday’s company account, Yemsund Enterprise, with Union Bank account number 0159405441, based on the promise. However, the motorcycles were neither delivered nor was the money refunded to the complainant.
Count One of the charge reads:
“Statement of Offence
Stealing, contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.
Particulars of Offence
Taiwo Sunday (trading under the name and style of Yemsund Enterprise), sometime between the 3rd and 5th of May, 2024, within the jurisdiction of this Honourable Court, with intent to permanently deprive the owner, converted to his own use the sum of ₦62,400,000.00, being property of Oluwarotimi John, paid into Yemsund Enterprise’s account number 0159405441 domiciled with Union Bank, being money meant for the supply of 20 units of TVS Neo Boxer Bajaj motorcycles and 50 units of TVS HXL motorcycles”
Similarly, count two reads:
“Statement of Offence
Stealing, contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.
Particulars of Offence
Taiwo Sunday (trading under the name and style of Yemsund Enterprise), sometime between the 29th of June and 1st of July, 2024, within the jurisdiction of this Honourable Court, with intent to permanently deprive the owner, converted to his own use the sum of ₦62,609,000.00, being property of Oluwarotimi John, paid into Yemsund Enterprise’s account number 0012194223 domiciled with Jaiz Bank, being money meant for the supply of 64 units of Boxer Bajaj motorcycles”
The defendant pleaded not guilty when the charge was read to him.
Following his plea, counsel to the EFCC, Abiddeen Aliyu, urged the court to fix a date for trial to enable the prosecution prove its case. However, the defence counsel, Shola Peter, prayed the court to admit the defendant to bail pending trial.
Justice Adedokun granted the defendant bail in the sum of N2 million with two sureties in like sum. The judge ordered that each surety must own landed property within Ibadan, and that the defendant must deposit his international passport with the court registry.
The case was adjourned to June 17, 2026, for the commencement of trial.
