The Economic and Financial Crimes Commission, (EFCC), Ibadan Zonal Command, has arraigned one Toluwalade John Olateru-Olagbegi before Justice Uche Agomoh of the Federal High Court sitting in Ibadan, on one count charge of obtaining money by false pretence.
The prince from Owo, Ondo State, who resides at Bodija, allegedly collected the sum N35.5 million from one Julius Alase, on the pretext of trading in forex.
The charge read:” That you, Toluwalade John Olateru-Olagbegi on or about 4th of March, 2021, at Ibadan within the Ibadan Judicial Division of this Honourable Court with intent to defraud, obtained the sum of Thirty Five Million and Five Hundred Thousand Naira (N35,500,000:00) only from Julius Olorunsogo Alase (a Nigerian businessman) on behalf of Lusan Royal Trading by pretending it was part payment of cost of an inflow of One Million United States of America Dollars (USD $1,000,000:00)only you claimed to have secured for him; which representations you knew to be false and you thereby committed an offence contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.”
The defendant pleaded not guilty when the charge was read to him.
Justice Agomoh, thereafter, ordered the remand of the defendant in the Nigerian Correctional Centre, Agodi.
He adjourned the case till October 25, 2021 for hearing of the defendant’s bail application and November 15, 2021 for commencement of trial.