Alleged ₦1.3bn Fraud: Obanikoro, Adegbenro, Others To Be Arraigned Feb. 27

The Federal High Court in Lagos, presided over by Justice Ambrose Lewis-Allagoa, has fixed February 27, 2025, for the arraignment of Gbolahan Obanikoro, son of Senator Musiliu Obanikoro, and four others over allegations of conspiracy, obtaining by false pretenses, and fraudulent diversion of ₦1.356 billion.

The other defendants are Adejare Adegbenro, Balmoral International Limited, M.O.B. Integrated Limited, and DDSS International Company Limited.

According to the Police Special Fraud Unit (PSFU), the defendants allegedly defrauded Access Bank (formerly Diamond Bank) between May and September 2013 by falsely claiming to be engaged in the business of importing vehicles from Dubai for resale in Nigeria. The funds, which were intended as a loan facility for the purported business, were allegedly diverted for personal use.

During the proceedings yesterday, the prosecution counsel, M.Y. Bello, informed the court that the arraignment could not proceed as the defendants were absent.

Counsel for the defendants, Joshua A., explained that his clients were out of the country and assured the court they would be present at the next adjourned date.

Justice Lewis-Allagoa adjourned the matter to February 27, 2025, for the arraignment.

The defendants face a five-count charge, including conspiracy, fraud, and money laundering.

They are alleged to have knowingly transferred and retained funds believed to be proceeds of unlawful activities, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.