EFCC Arraigns Lagos Businesswoman Over Alleged $700,000 and ₦190 Million Fraud
By Exponent News, Akure | July 3, 2025 — A Lagos-based businesswoman, Adekemi Folorunsho, has been arraigned before Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja over an alleged multi-currency fraud totaling $700,000 and ₦190 million.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, brought a three-count charge against Folorunsho on Thursday, July 3, 2025. The charges border on conspiracy, obtaining money by false pretence, and stealing.
According to the EFCC, Folorunsho allegedly defrauded one Ms. Ayodele Osolake under the guise of being a foreign exchange broker. One of the counts reads:
“That you, Adekemi Folorunsho, sometime in March 2023 at Lagos, within the Ikeja judicial division, with intent to defraud, obtained the sum of $700,000 from Ms. Ayodele Osolake under the false pretence that you could exchange it for the Naira equivalent — a claim you knew to be false.”
The EFCC also accused her of dishonestly converting ₦190 million belonging to the same victim for personal use, in collaboration with three others — Ikechukwu Ibeh, Chief Phebian, and Mr. Elias — who are currently at large.
Folorunsho pleaded not guilty to all the charges.
Following her plea, the prosecution counsel, N.C. Mutfwang, requested a trial date. Meanwhile, her defence counsel, Shina Makinde, applied for bail, appealing to the court to grant it on liberal terms.
Justice Abike-Fadipe granted bail in the sum of ₦50 million with two sureties in like sum and ordered that the defendant be remanded at a correctional facility pending the fulfilment of her bail conditions.
The case was adjourned to October 9, 2025 for the commencement of trial.
