EFCC arraigns Businessman over alleged ₦123m fraud

By Muyideen Aliyu

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Taiwo Sunday, on a two-count charge involving alleged fraud to the tune of ₦123 million.

Sunday appeared before Justice Kareem Adedokun of the Oyo State High Court sitting in Ibadan, facing charges of stealing contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.

The defendant’s legal troubles began after a complainant, Oluwarotimi John, alleged that in early 2024, Sunday approached him with an offer to supply motorcycles.

Sunday reportedly claimed to hold exclusive dealership arrangements with major distributors in Lagos and several northern states.

Based on these representations, the petitioner allegedly paid a total of ₦123,050,000.00 into Sunday’s company account, Yemsund Enterprise. Despite the payment, the motorcycles were never delivered, and the funds were not refunded.

The first count of the charge alleges that between May 3 and May 5, 2024, Sunday converted ₦62,400,000.00 intended for the supply of 20 units of TVS Neo Boxer Bajaj and 50 units of TVS HXL motorcycles to his personal use.

The second count alleges that between June 29 and July 1, 2024, he similarly converted another ₦62,609,000.00 meant for the supply of 64 units of Boxer Bajaj motorcycles.

Upon the reading of the charges, the defendant pleaded not guilty. Following the plea, EFCC counsel Abiddeen Aliyu requested a trial date to allow the prosecution to present its case.

Meanwhile, the defense counsel, Shola Peter, applied for the defendant to be admitted to bail pending the conclusion of the trial.

Justice Adedokun granted the defendant bail in the sum of ₦2 million with two sureties in like sum.

The court further ordered that each surety must own landed property within Ibadan and mandated the defendant to deposit his international passport with the court registry.

The case has been adjourned to June 17, 2026, for the commencement of the trial.