Obanikoro’s Son To Face Trial Over Alleged ₦1.3bn Fraud

A Federal High Court in Lagos has scheduled the arraignment of Gbolahan Obanikoro, the son of Senator Musiliu Obanikoro, for February 27, 2025. He, along with four others, is facing charges related to an alleged ₦1.356 billion fraud.

The other individuals set for arraignment include Adejare Adegbenro (51), Balmoral International Limited, M.O.B. Integrated Limited, and DDSS International Company Limited. They are accused of conspiracy, obtaining by false pretenses, false representation, and fraud in a case with five charges.

Justice Ambrose Lewis-Allagoa set the date on January 24, after the defendants failed to appear in court for their original arraignment. During the proceedings, prosecution lawyer Momoh Bello requested a bench warrant for the accused, as they had already been served notices. However, Joshua Abel, representing the fourth defendant (a company), opposed the bench warrant request. He argued that his client had only received the service notice late and that the directors, who are abroad, had not been adequately informed.

Upon reviewing the proof of service, Justice Lewis-Allagoa ruled that the first and second defendants, who are individuals, had not been properly served. However, there was evidence of service for the third and fourth defendants. The court directed the prosecution to regularize the service for the remaining parties.

The Inspector General of Police, through the Special Fraud Unit in Ikoyi, Lagos, has accused the defendants and others still at large of conspiring between May and September 2013 to fraudulently acquire ₦1.356 billion from Access Bank Plc (formerly Diamond Bank). The police allege that the accused misrepresented their intentions by claiming the funds were needed to import cars from Dubai for resale, but instead, they allegedly diverted the money for personal use, knowing it was the product of illegal activity.

The offences are alleged to violate Section 8(i)(a) of the Advance Fee Fraud and Other Fraud-Related Offenses Act (No. 14 of 2006) and Sections 18(2)(b) and (d) as well as 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.