Court Remands Businessman Over Alleged N1bn Fraud
A Businessman, Bayo Adelore, was Friday, remanded at the Ikoyi center of the Nigerian Correctional Services (NCoS), by Justice Ibrahim Ahmad Kala of a Federal High Court, Lagos.
Justice Kala ordered the remand of the businessman, after he pleaded he pleaded not guilty to the two count-charge of unlawful acquisition and conversation the sum of N1 billion said to be proceed of unlawful act, slammed on him and his company, Fincon Commodities Trading Limited.
The charge marked FHC/L/566c/2025, was filed against the Businessman and his company by Barrister Murtala S Usman, an Assistant Commissioner of Police (ACP) and the Head of Legal department, Special Police Fraud Unit (PSFU), ikoyi, Lagos.
Arraigning the businessman and his company today, Barrister Sylvester Azubuike, informed the court that the defendant and one Ibrahim Ariyoosu (now at large) and his firm, Gstep Logistics Limited, committed the alleged offences in Lagos, sometimes in 2024.
He told the court that that defendants and ot [email protected] her at large, with an intend to defraud, converted the mentioned amount to their personal purse.
He told the court that the said sum belonged to an Investment and Financial advisory company, Anchoria Advisory Services Limited.
He informed the court that the businessman’s alleged illegal acts are contrary to sections 18(2)(b) and 18(2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
But the defendant pleaded not guilty to the alleged crimes.
Following his not guilty plea, he prosecutor, Barrister Azubuike asked the court for trial date. While also urged the court to remand the defendant in the NCos’ custody, pending the determination of the charge.
However, defendant’s lawyer, Remi Adetula, informed the court that he had filed his client’s bail application and same has been served on the prosecutor.
The prosecutor confirmed being served with the application and told the court to use its discretion in determined it.
Based on the submissions of counsel, Justice Kala, admitted bail to the defendant in the sum of N1 billion with one surety in like sum.
Justice Kala also ordered that the surety could be a Civil servant not below Grade level 15 in either the Lagos State or federal government establishment.
The judge also ordered that the surety could be a landed property owner which worth N500 million, in Lagos or Ogun State, and some other conditions.
The judge thereafter adjourned the matter to September 29, 2025, for trial.
Charges against the defendants reads: “That you Bayo Adelore ‘M’, Fincon Commodities Trading Ltd, Ibrahim Ariyoosu ‘M’ (now at large), Equip Exim Investment Ltd and Gstep Logistics Ltd sometime in 2024 in Lagos, within the Jurisdiction of this Honourable Court with intent to defraud did directly convert to your own use and benefit the sum of One Billion Naira (N1, 000, 000, 000.00) only, knowingly or reasonably ought to have known that the said sum forms part of the proceeds of an unlawful act and thereby committed and offence contrary to Section 18(2) (b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
“That you BAYO ADELORE ‘M’, FINCON COMMODITIES TRADING LTD, IBRAHIM ARIYOOSU ‘M’ (NOW AT LARGE), EQUIP EXIM INVESTMENT LTD AND GSTEP LOGISTICS LTD sometime in 2024 in Lagos, within the Jurisdiction of this Honourable Court with intent to defraud did directly acquire, retain and take possession of One Billion Naira (N1, 000, 000, 000. 00) only, property of Kairos Capital Limited now known as Anchoria Advisory Services Limited an Investment and Financial advisory company knowingly or reasonably ought to have known that the said sum forms part of the proceeds of an unlawful act and thereby committed and offence contrary to Section 18(2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.”