‘Financial advisor’ arraigned for alleged N68.6m fraud

A financial advisor,  Oluwatomilola Balogun, on Wednesday appeared before a Lagos High Court, at Tafawa Balewa Square, for allegedly obtaining under false pretence N68.6 million and $10,000 from four different persons.

Balogun was arraigned alongside two companies, Twelvest Ltd., and Vestract Ltd., before Justice Ibironke Harrison.

She is standing trial on four counts bordering on obtaining under false pretences.

The Lagos State Prosecution counsel,  Ade Erinkitola, told the court that the defendant committed the alleged offences sometime in February 2019 and December 2021, at Suite GO2B, Waterside, 5 Admiralty Road off Lekki Phase 1, Lagos.

According to him, the defendant fraudulently obtained the sum of N36.6 million and $5,000 from one  George Epebitie, by representing herself as a financial advisor.

She added that the defendant fraudulently obtained the sum of N12 million and $4000 from one  Eriye Onagoruwa.

Erinkitola added that the defendant obtained the sum of N5.5 million and $1,000 from one  Adeola Odunlami, under false pretences.

“She fraudulently obtained N14.5 million from one  Modupe Ayeni, representing herself as a financial advisor.

“She advised Epebitie and others to invest in businesses and promised they will get their return on investments which they did not get,” Erinkitola said.

She said the offences contravened Section 314(3) of the Criminal Law, Ch. C17, Vol. 3, Laws of Lagos State, 2015.

The defendant pleaded not guilty of the offences.

Erinkitola urged the court to remand the defendant in a correctional facility pending the determination of her bail application.

In response, the Defence Counsel,  Olabisi Makanjuola, informed the court that the defendant was on administrative bail.

Makanjuola urged the court to allow her continue enjoying the administrative bail, adding that she is a nursing mother.

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He also told the court that he would personally ensure that the defendant attend court proceedings.

In her ruling, Justice Harrison, granted the defendant’s prayer, saying “the offence is a bailable offence.”

She, however, ordered the defence to serve their bail application to the other party.

The judge adjourned the case until May 2, for commencement of trial and hearing of the bail application. 

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