A businesswoman, Adekemi Folorunsho, has been arraigned before the Lagos State Special Offences Court in Ikeja for allegedly defrauding $700,000 and stealing N190 million.
The Economic and Financial Crimes Commission accused her of pretending to be a bureau de change operator and collecting the money under false pretence.
EFCC counsel, Nanbam Mutfwang, told the court that in 2023, Folorunsho and three others who are now on the run, collected $700,000 from a woman named Osolake Ayodele, claiming she could convert it to naira. The prosecution said she knew the claim was false.
She was also accused of taking N190 million from the same woman in 2021 and converting it to her personal use.
The EFCC said her actions go against sections of the Advance Fee Fraud Act and the Lagos State Criminal Law.
Folorunsho pleaded not guilty to the charges. Her lawyer, Shina Makinde, asked the court to grant her bail, saying she runs a large business and has always respected her bail conditions with the EFCC.
Justice Olubunmi Abike-Fadipe granted her bail at N50 million with two sureties in the same amount. She gave the defendant two weeks to meet the bail conditions or be taken into custody.
The trial is expected to begin on October 9, 2025.
