The Nigeria Economic and Financial Crimes Commission (EFCC), Ibadan zonal Command has arraigned a man identified as Obakin Emmanuel Ajibola before Justice Ladiran Akintola of the Oyo State High Court for allegedly stealing N251.6 million from Lee Fakino Nigeria Limited in Ibadan.
According to the EFCC, the defendant, Obakin, who was a director and signatory to the company’s account, withdrew the sum without authorization or consent from the Managing Director and CEO, Akindele Fajemiyo. He is also accused of removing the MD/CEO’s contact information from the bank details to conceal his actions.
The stolen funds were reportedly payments for works carried out by Lee Fakino Nigeria Limited for the Lagos State Ministry of Agriculture between December 2022 and March 2023. Fajemiyo claims he did not receive any notification of the withdrawals.
During the arraignment, Obakin pleaded not guilty to the charges. The prosecution counsel requested a trial date and asked for the defendant to be remanded in a correctional facility. However, the defense counsel requested bail for Obakin.
Justice Ladiran Akintola granted bail to the defendant in the amount of N50 million, with two sureties who should preferably be his wife and younger brother. The sureties are required to provide proof of means, deposit their National Identification Slips with the court, and provide residential addresses. Obakin must also provide his National Identification Slip and residential addresses.
The case has been adjourned until October 23, 2023, for further proceedings.
One of the charges against Obakin states that he fraudulently stole N120.5 million from Lee Fakino Nigeria Limited, which is an offense contrary to Section 390(9) of the Criminal Code Law.