The Economic and Financial Crimes Commission (EFCC) has today, Friday, July 4, 2025, arraigned a Lagos businesswoman, Adekemi Folorunsho, before the State Special Offences Court in Ikeja, on charges of alleged $700,000 fraud and N190 million theft.

Folorunsho was docked alongside three alleged accomplices, who are currently at large, facing three counts bordering on obtaining money by false pretense, conspiracy to obtain money by false pretense, and theft.

According to the EFCC prosecution counsel, Nanbam Mutfwang, the defendant and her co-accused fraudulently obtained $700,000 from one Mrs. Osolake Ayodele in 2023. Folorunsho allegedly claimed she could convert the sum to naira, a representation the prosecution said she knew to be false.

The EFCC also accused her of dishonestly converting N190 million belonging to the complainant to her personal use in October 2021. According to the commission, the offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act and Section 285(1) of the Criminal Laws of Lagos State, 2011.

Folorunsho pleaded not guilty to all three counts.

Following her plea, her counsel, Mr. Shina Makinde, moved a motion for bail, urging the court to grant it on liberal terms. He argued that his client is a reputable businesswoman who employs over 100 staff and has consistently complied with the administrative bail earlier granted by the EFCC.

Despite the prosecution not opposing bail, Justice Olubunmi Abike-Fadipe granted her bail in the sum of N50 million with two sureties, with a condition to perfect the bail within two weeks or face remand. The case has been adjourned to October 9, 2025, for the commencement of trial.