The son of a former governor in the Southwest, has been dragged before an Igbosere Chief Magistrates' Court, Lagos over an alleged N40 million fraud charge.
The suspect, 40 years old Akinkunle Olunloyo, a former night club owner, was charged alongside his entertainment firm, Code Media Ltd, by the Police Special Fraud Unit, (PSFU), Lagos.
They are standing trial on a two-count charge of conspiracy and fraud, before Chief Magistrate O. O. Oshin.
Proseciting counsel Sylvester Azubuike told the court that Olunloyo committed the offences in Lagos, "sometime in November 2014," in connivance with accomplices, who are now on the run.
He said the defendants approached a financial institution for a loan facility and "with intent to defraud, obtained the sum of N40m" 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."
According to the police, Olunloyo converted the N40m 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.
Olunloyo pleaded not guilty.
His counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.
Soremekun added: "We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required."
Chief Magistrate Oshin held 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 continues on June 5.
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