Home News EFCC arraigns Owo Prince over N35.5m fraud in Ibadan

EFCC arraigns Owo Prince over N35.5m fraud in Ibadan


A prince in the royal lineage of Owo town, Ondo State, Toluwalade John Olateru-Olagbegi, has been charged to court by Ibadan Zonal Command of the Economic and Financial Crimes Commission before Justice Uche Agomoh of the Federal High Court One, sitting in Ibadan, on a count charge of obtaining N35.5 million through false pretence.

The Owo Prince, residing at the Bodija area of the city, allegedly collected the money from the complainant on the pretext of trading in forex.

The charge read: “That you, Toluwalade John Olateru-Olagbegi on or about 4th of March, 2021, at Ibadan, within the Ibadan judicial division of this honourable court, with intent to defraud, obtained the sum of Thirty-Five Million and Five Hundred Thousand Naira (N35,500,000:00) only from Julius Olorunsogo Alase (a Nigerian businessman) on behalf of Lusan Royal Trading by false, pretending it was part payment of the cost of an inflow of One Million United States of America Dollars (USD $1,000,000:00) only, (which) you claimed to have secured for him; which representations you knew to be false and you thereby committed an offence contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.”

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After the reading of the charge, the defendant pleaded not guilty.

Justice Agomoh thereafter ordered the remand of the defendant in the Nigerian Correctional Centre, Agodi, Ibadan, and adjourned the case till October 25 for hearing of the bail application, and November 15 for the commencement of trial.

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