Financial Advisor, Oluwatomilola Balogun Arraigned In Lagos Court Over N69m, $10,000 Fraud Allegation

By Akeem Oduyoye

A financial Advisor named Oluwatomilola Balogun was yesterday arraigned before a Lagos State High Court sitting at Tafa Balewa Square,L over alleged N69m and $10,000 allegation.

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

The State Department of Public Prosecution, DPP filed a four counts charges against the defendants which borders on OBTAINING BY FALSE PRETENCE.

The offense is said to be contrary to Section 314(3) of the Criminal Law, Ch. C17, Vol.3 , Laws of Lagos State, 2015.

Arraigning the defendant, the prosecution, Ms Ade Erinkitola urged the court to take the plea of defendant.

The court subsequently read the four count charges to the defendant and she pleaded not guilty of the offence.

Ms Erinkitola then asked the court to remand the defendant in the correctional facility pending the determination of her bail application.

In a counter-reaction, the defense counsel, Olabisi Makanjuola, informed the court that the defendant is currently on administrative bail, urging the court to allow her continue to enjoy the bail condition because she is a nursing mother.

Pleading further, Makanjuola undertakes to produce the defendant for trial before the perfection of the bail application.

In her ruling, Justice Ibironke granted his prayer noting that the offense is a bailable one while advising the counsel to ensure to serve the prosecution the bail application to enable the court hear the bail on the next adjourned date.

According to the charge information, OLUWATOMILOLA BALOGUN(F), TWELVEST LIMITED (LTD), VESTRACT LIMITED (LTD) SomeSometimesm February 2019 till December 2021, at Suite GO2B, the waterside, 5 Admiralty Road off AdSometimesWay, Lekki Phase 1, Lagos State in the Lagos Judicial Division fraudulently obtained the sum of ThirThirty-six lion, Six Hundred and Seventy Seventy-Oned Naira(N36,671,000.00) and the sum of Five ThThirty-six dollars($5000 ) from one Seventy-OneGeorge Epebitie(F) by representing  yourself as a financial advisor and advising her to invest in businesses and representing to get her Return on Investment.

On the second count charge, the defendants were alleged to have fraudulently obtained the sum of Twelve Million Naira(N12,000,000 00) and the sum of Four Thousand US Dollars ($4000) from one Eriye Onagoruwa (F) by representing yourself as a financial advisor and advising her to invest in businesses and representing to get her Return on Investment.

While on the third count, they were alleged to have fraudulently obtained the sum of Five Million, Five Hundred and Eighty Five Thousand Naira(N5,585,000.00) and the sum of One Thousand US Dotlars($1000) from one Adeola Odunlami (F) by representing yourself as a financial advisor and advising her to invest in businesses and representing to get her Return on investment.

Lastly, they were alleged to have fraudulently obtained the sum of Fourteen Million, Five Hundred Thousand Naira (N 14.500 000.00) from one Modupe Ayeni (F) by representing yourself as a financial advisor and advising her to invest in businesses and representing to get her Return on Investment.