The Economic and Financial Crimes Commission (EFCC) has arraigned businesswoman Adekemi Folorunsho before the Lagos State Special Offences Court, Ikeja, on allegations of defrauding $700,000 and stealing N190 million while operating as a bureau de change operator.
Folorunsho was charged alongside three accomplices who remain at large. She faces three counts: obtaining money by false pretence, conspiracy to obtain money by false pretence, and theft.
EFCC counsel Nanbam Mutfwang told the court that Folorunsho fraudulently obtained $700,000 in 2023 from Mrs. Osolake Ayodele by falsely claiming to be a foreign exchange broker capable of converting the sum to naira—a claim the prosecution said she knew was false. Additionally, she is accused of converting N190 million of the complainant’s funds for personal use in October 2021.
The offences violate 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 charges.
Her lawyer, Mr. Shina Makinde, applied for bail, emphasizing her reputation as a businesswoman who employs over 100 people and has complied with previous administrative bail terms.
The prosecution did not oppose the bail application. Justice Olubunmi Abike-Fadipe granted bail set at N50 million with two sureties in the same amount. The defendant must perfect bail conditions within two weeks or face remand.
The trial was adjourned to October 9, 2025.
