Businessman in Court Over N23m Theft Charge

The Economic and Financial Crimes Commission (EFCC) on Monday took a businessman, Oladipo Akanle, and his company, Avalanche Trade 1307, to the Lagos State High Court in Ikeja. They face charges over the alleged theft of N23 million.

EFCC prosecutor, James Banjo, told the court that Akanle and his company are accused of stealing money that was mistakenly sent to his Zenith Bank account.

Banjo said the money actually belonged to Chinedu Iyizoba and the alleged crime happened in January 2023.

He mentioned that the act broke the law as outlined in Section 278(2)(a) of the Criminal Law of Lagos State, 2011.

Akanle pleaded not guilty to the charge.

After the plea, Banjo asked the court to set a trial date and keep the defendant in a correctional center.

"Considering the not guilty plea of the defendant, we will ask for a trial date. We also ask that the defendant be remanded in the Correctional Centre," he said.

The prosecutor also told the court that the defendant's lawyer, Lanre Ogunlese (SAN), had just given him the bail application.

Ogunlese then moved the bail application, asking the court to release Akanle to him. He promised the judge that he would make sure Akanle showed up for his trial.

The senior advocate pointed out that Akanle had already paid back N10 million, leaving a balance of N13 million.

He argued that the remaining amount was N13 million, not N23 million, because of the payment already made. Ogunlese told the court that Akanle was like a son to him.

He explained that Akanle's father was his former schoolmate who died in a plane crash while going to Malawi. Ogunlese said the defendant's parents were family friends and he promised to handle the case personally when reached.

Ogunlese also noted that Akanle had been to a magistrate’s court before and had been discharged.

He urged the court to let him take care of the defendant, assuring the judge that Akanle would not skip bail.

"I urge my lord to release him to me. On my honour, he will never jump bail," Ogunlese stated in court.

He added, "The applicant is a young man, and we pray that the court exercises its discretion in favour of the applicant."

The prosecution did not object to the bail request, saying that granting bail and its terms were up to the court.

Justice Ismail Ijelu said the main issue in deciding the application was whether Akanle would attend his trial.

Akanle was then released to his lawyer, Lanre Ogunlese (SAN), while waiting for the trial.

Justice Ijelu agreed to the request after Ogunlese promised to ensure that Akanle would be present for his trial.

In his ruling, Justice Ijelu released Akanle to his counsel and told Ogunlese to write an agreement to ensure Akanle would come to court on every trial date unless told otherwise.

"I have considered the application and the submissions of counsel. I shall release the defendant to his lawyer, Mr Ogunlese."

"You shall write an undertaking to always produce the defendant for his trial," the judge ruled.

The case has been pushed to November 30, 2026, for trial.