EFCC Arraigns Businessman, Firm Over Alleged N23m Mistaken Transfer

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Oladipo Akanle and his company, Avalanche Trade 1307, before the Lagos State High Court in Ikeja over the alleged theft of N23million mistakenly transferred to his account in a new generation bank.

The defendants were arraigned yesterday before Justice Ismail Ijelu on the alleged offence, which EFCC prosecutor James Banjo said occurred in January 2023.

Banjo told the court that the money belonged to one Chinedu Iyizoba and was allegedly stolen after it was mistakenly transferred to Akanle’s account.

The prosecutor said the alleged offence contravened Section 278(2)(a) of the Criminal Law of Lagos State, 2011.

He, however, pleaded not guilty to the charge.

After the plea, Banjo urged the court to set a trial date and remand the defendant in a correctional centre.

The prosecutor also told the court that the defence counsel Lanre Ogunlese (SAN) had just served him with a bail application.

Moving the application, Ogunlese asked the court to release Akanle into his custody, assuring the judge that he would ensure the defendant attended all court proceedings.

The senior lawyer told the court that Akanle had refunded N10m to the complainant, leaving an outstanding balance of N13m.

He argued that, because of the part payment, the outstanding amount was N13m rather than the original N23m.

Ogunlese urged the court to exercise its discretion in favour of the defendant, describing him as being like a son to him.

He explained that Akanle’s late father was his former schoolmate and had died in a plane crash while travelling to Malawi. He added that their families were close and that he had promised to personally handle the case when the defendant’s family approached him.

The defence counsel also told the court that Akanle had previously been arraigned before a magistrate’s court but was discharged.

He urged the judge to release the defendant, assuring the court that Akanle would not jump bail.

In his ruling, Justice Ijelu ordered Akanle’s release to Ogunlese pending trial and directed the Senior Advocate to provide a written undertaking to produce the defendant in court on every trial date, unless otherwise directed.

The judge said he had considered the bail application and counsel’s submissions before granting the request.

The court has not yet determined the allegations against Akanle and his company.