EFCC arraigns man for stealing N251.6m in Ibadan

The Economic and Financial Crimes Commission, EFCC, on Tuesday, arraigned Obakin Ajibola for alleged theft.

According to a statement issued by Wilson Uwujaren EFCC spokesperson, Ajibola was docked before Justice Ladiran Akintola of the Oyo State High Court, sitting in Ibadan on a four-count charge bordering on stealing the aforementioned among belonging to a firm, Lee Fakino Nigeria Limited.

Ajibola was said to have committed the alleged offence in the month of December, year 2022 in Ibadan.

The defendant, who was one of the two directors of Lee Fakino Nigeria Limited and signatory to the company’s account allegedly withdrew the above sum from Lee Fakino Nigeria Limited without authorisation and consent of the Managing Director and Chief Executive Officer, Akindele Fajemiyo, who is also signatory to the company’s account.

Furthermore, the defendant is alleged to have removed the telephone numbers and email address of the MD/CEO of the company from the bank details of Lee Fakino Nigeria Limited, through which notification alerts of transactions were received to enable him keep track of the account.

The accused was alleged to have, afterwards withdrawn the said sum from the account of the firm, which was money paid for works executed by Lee Fakino Nigeria Limited for the Lagos State Ministry of Agriculture between December 22, 2022 and March 9, 2023 without any notification received by Fajemiyo.

Upon arraignment, he pleaded “not guilty” to the charges filed against him by the EFCC.

In view of his plea, prosecution counsel, Oyelakin Oyediran asked the court for a trial date and prayed the court to remand the defendant in the Correctional facility pending the determination of the case.

Counsel to the defendant, Ibrahim Lawal urged the court to admit his client to bail.

Justice Ladiran Akintola admitted the defendant to bail in the sum of N50 million and two sureties, preferably the wife and younger brother to the defendant, in like sum.

Furthermore, “the sureties are to swear an affidavit of means, deposit their National Identification Slip with the court and provide the court with adequate residential addresses”.

Also, the court ordered that the defendant provide the court with his National Identification Slip and residential addresses.

The matter was adjourned till October 23, 2023 for further hearing.


One of the charges against the defendant read: “That you Obakin Emmanuel Ajibola, adult, male sometime in December, 2022 at Ibadan within the jurisdiction of this Honourable Court, did fraudulently steal the sum of N120, 500, 000.00 (One Hundred and Twenty Million, Five Hundred Thousand Naira) belonging to Lee Fakino Nigeria Limited, an offence of stealing contrary to Section 390(9) Criminal Code Law”

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