The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Adeseun Adeniyi Olukunle, before the Lagos State High Court in Ikeja over an alleged N238.35 million fraud involving a company identified as Boteam Nigeria Limited.Olukunle was arraigned on Monday, November 2, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency before Justice A. O. Okunuga on a 10-count charge bordering on obtaining money under false pretence, stealing and retention of stolen property.
According to the EFCC, the alleged offences contravene Sections 280, 287 and 328 of the Criminal Law of Lagos State, 2011.
In one of the counts, the commission alleged that Olukunle, alongside Chanaiyah International Limited and another suspect, Omotosho Abraham Aremu, who is currently at large, converted N11 million belonging to Temitope Bolarinde Samuel, also known as Boteam Nigeria Limited, for the benefit of Faniran Olusoji John.
Another count accused the defendants of allegedly converting N19 million belonging to the same complainant for the benefit of Omotayo Faniran in 2025.
The defendant, however, pleaded not guilty to all the charges when they were read to him in court.
Following the plea, EFCC prosecuting counsel, Bilikisu Buhari, urged the court to fix a date for trial and remand Olukunle in a correctional centre pending the determination of the case.
Buhari also informed the court that Chanaiyah International Limited, listed as the second defendant, was controlled by Aremu, who is currently at large. She consequently asked the court to enter a not-guilty plea on behalf of the company, a request granted by the judge.
Defence counsel, Yusuf T. Nurudeen, subsequently informed the court that he had filed a bail application on behalf of his client and appealed for bail on liberal terms.
In his ruling, Justice Okunuga granted Olukunle bail in the sum of N300 million, with two sureties in like sum.
The court directed that one of the sureties must own landed property within its jurisdiction, subject to verification by the court registrar. Both sureties were also required to provide evidence of tax payment.
Justice Okunuga adjourned the case until January 18, 19 and 20, 2027, for the commencement of trial.
Olukunle will face trial on the allegations, while the court is expected to determine the merits of the charges based on the evidence presented by the prosecution and defence.
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