The Economic and Financial Crimes Commission on Monday arraigned a businessman, Oladipo Akanle, and his company, Avalanche Trade 1307, before a Lagos State High Court sitting in Ikeja over the alleged theft of N23m.
EFCC prosecutor, James Banjo, told the court that Akanle and his company allegedly stole the money after it was erroneously transferred into his Zenith Bank account.
Banjo said the money belonged to one Chinedu Iyizoba and that the alleged offence was committed in January 2023.
According to the prosecutor, the offence contravened Section 278(2)(a) of the Criminal Law of Lagos State, 2011.
Akanle, however, pleaded not guilty to the charge.
Following the plea, Banjo asked the court to fix a trial date and remand the defendant in a correctional centre.
“In view of the not guilty plea of the defendant, we will be asking for a trial date. And also ask that the defendant be remanded in the Correctional Centre,” he said.
The prosecutor further informed the court that the defence counsel, Lanre Ogunlese (SAN), had just served him with the defendant’s bail application.
Moving the application, Ogunlese urged the court to release Akanle to him, assuring the judge that he would ensure the defendant attended his trial.
The senior advocate said the defendant had refunded N10m, leaving an outstanding balance of N13m.
He argued that the amount remaining was N13m rather than N23m because the defendant had already made a part payment.
Ogunlese told the court that Akanle was like a son to him, explaining that the defendant’s father was his former schoolmate who died in a plane crash while travelling to Malawi.
He said the defendant’s parents were family friends and that he had promised to personally handle the case when he was contacted.
The defence counsel also informed the court that Akanle had previously been arraigned before a magistrate’s court and discharged.
He urged the court to release the defendant to him, assuring the judge that Akanle would not jump bail.
“I urge my lord to release him to me. On my honour, he will never jump bail,” Ogunlese told the court.
“The applicant is a young man, and we pray that the court exercises its discretion in favour of the applicant,” Ogunlese said.
The prosecution did not oppose the bail application, noting that the granting of bail and the conditions attached to it were at the court’s discretion.
In his ruling, Justice Ismail Ijelu said the primary consideration in determining the application was whether the defendant would attend his trial.
Akanle was subsequently released to his lawyer, Lanre Ogunlese (SAN), pending trial.
Justice Ijelu granted the request after Ogunlese assured the court that he would ensure Akanle attended his trial.
In his ruling, Justice Ijelu released Akanle to his counsel and directed the SAN to write an undertaking guaranteeing that he would produce the defendant in court on every trial date unless otherwise directed.
“I have considered the application and the submissions of counsel. I shall release the defendant to his lawyer, Mr Ogunlese.
“You shall write an undertaking to always produce the defendant for his trial,” the judge ruled.
The case was adjourned until November 30, 2026, for trial.