Obanikoro Son Others To Face Arraignment Over Alleged ₦1.3bn Fraud

Obanikoro Son Others To Face Arraignment Over Alleged ₦1.3bn Fraud

The Federal High Court in Lagos has set February 27, 2025, as the date for the arraignment of Gbolahan Obanikoro, son of Senator Musiliu Obanikoro, along with four others, in connection with an alleged ₦1.356 billion fraud…READ MORE…

The other defendants include Adejare Adegbenro, Balmoral International Limited, M.O.B. Integrated Limited, and DDSS International Company Limited. They face five charges, including conspiracy, obtaining by false pretenses, false representation, and fraud.

Court Proceedings and Delays

Justice Ambrose Lewis-Allagoa adjourned the case on January 24 after the defendants failed to appear for their scheduled arraignment. During the proceedings, prosecution counsel Momoh Bello requested a bench warrant, asserting that the defendants had been served. However, Joshua Abel, counsel for the fourth defendant, argued against the request, explaining that his client—a company—had received late service, and its directors, who are abroad, were not properly briefed.

The judge reviewed the proof of service and found that the first and second defendants, both individuals, had not been properly served. While service had been confirmed for the third and fourth defendants, the court instructed the prosecution to ensure proper notification for all parties.

Allegations

According to the Special Fraud Unit of the Nigerian Police Force, the defendants and others at large allegedly conspired between May and September 2013 to fraudulently secure ₦1.356 billion from Access Bank Plc (formerly Diamond Bank).

The defendants reportedly claimed the funds were intended to finance the importation of vehicles from Dubai for resale but allegedly converted the money for personal use, fully aware it was proceeds of unlawful activity.

The charges against them contravene sections of the Advance Fee Fraud and Other Fraud-Related Offenses Act, 2006 and the Money Laundering (Prevention and Prohibition) Act, 2022.

Next Steps

The court has directed the prosecution to regularize service ahead of the February arraignment date. If found guilty, the defendants face severe penalties under the provisions of the applicable laws.

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