Former Oyo Governor’s Son Arraigned In Court For Fraud

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The Igbosere Magistrate Court sitting in Lagos on Monday had Akinkunle Olunloyo, son of former governor old of Oyo State, Dr Victor Olunloyo, brought before it for allegedly defrauding a financial institution to the tune of N40 million.

Image result for victor olunloyo
Ex-Governor Olunloyo became governor of Oyo State in October 1983, holding the office briefly until the military regime of Muhammadu Buhari took power in December 1983. He later became a power-broker in the People’s Democratic Party (PDP) in Oyo State.
40-year-old Akinkunle Olunloyo, who is a former night club owner, was charged alongside his entertainment firm, Code Media Ltd, by the Police Special Fraud Unit (PSFU), Lagos.
Olunloyo and his firm are standing trial on a two-count charge of conspiracy and fraud.
Police Prosecutor Sylvester Azubuike told the court that Olunloyo and others still at large, committed the offences sometime in November 2014 in Lagos.
The prosecutor said the accused fraudulently obtained N40 million under guise of using it to renovate his company’s entertainment premises and hall.
Former governor of old Oyo State, Victor Olunloyo. [Photo credit: ScanNews Nigeria]
According to the police, Olunloyo did not pay back the money as expected. He instead converted it to personal use.
The offences contravened Sections 312(1), (b), 312 (3) and 409 of the Criminal Law of Lagos State, 2011.
Olunloyo pleaded not guilty of the charges leveled against him and his lawyer, Mr Seyi Soremekun, urged the court to grant him bail on self-recognition or on liberal terms.
Soremekun said: “We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required.”
Magistrate O. O. Oshin, in her ruling, observed that the accused was already standing trial on another charge before her.
She however granted the accused a bail of N500, 000 with one surety in the like sum and adjourned the case until June 5.

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