Akinkunle Olunloyo, son of former Governor of Oyo State, Omololu Olunloyo, has been arraigned before an Igbosere Chief Magistrates’ Court in an alleged N40 million fraud.
Olunloyo a former night club owner, and his entertainment firm, Code Media Ltd, are facing a two-count charge of conspiracy and fraud.
According to the prosecuting counsel, Sylvester Azubuike, Olunloyo, 40, committed the offence in Lagos, “sometime in November 2014,” in connivance with accomplices, who are on the run.
He said the defendants approached a financial institution for a loan facility and “with intent to defraud, obtained the sum of N40million” property of the complainant.
Olunloyo allegedly told the complainant that “the money is to facilitate the renovation of your company’s entertainment premises and hall respectively.”
The police said Olunloyo converted the N40million to his own use.
Azubuike said the offences contravened Sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011.
While Olunloyo pleaded not guilty to the charges, his counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.
He said they were served with the charge that morning and that his client has been attending meetings at the Polixe Special Fraud Unit (PSFU), Lagos, whenever required.”
In her ruling, Chief Magistrate O.O Oshin observed that the defendant is standing trial on another charge before her, and granted him N500,000 bail with one surety in the like sum.
The case was adjourned to June 5.