The Inspector-General of Police (IGP) through the Police Special Fraud Unit (PSFU) Ikoyi-Lagos, arraigned a marketer with the Lagos State owned Ibile Holdings Limited, Kazeem Oluwaseun Oladipupo, before a Federal High Court, Lagos, over alleged diversion and fraud of N80 million.
The marketer was arraigned before the court presided over by Justice Musa Kakaki on a three count-charge marked FHC/L/27c/2026.
According to prosecutor, Barrister Justine Enang, a Chief Superintendent of Police (CSP), the marketer Oladipupo, alongside accomplices said to be at large, allegedly conspired and orchestrated the financial fraud in October 2021, through false pretences.
Oladipupo, who was appointed as a marketing agent to manage and enforce rent payments for 200 shops at Tejuosho Market in Yaba, was entrusted with collecting annual rents on behalf of Ibile Holding Limited. But instead of remitting the payments through the company’s designated bank account, he allegedly converted the funds for his personal use.
The prosecutor told the court that claim the total sum involved amounts to N80 million, representing rent paid by shop occupants.
The prosecution told the court that the defendant’s actions constitute both fraud and breach of trust and money laundering. Which contravened sections 8(i) (a), 1(1) (a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006. And 18(2)(b) (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
But the marketer has denied the allegations and pleaded not guilty when the charges were read to him.
Following his not guilty plea, the prosecutor, Barrister Enang, prayed the court for a trial date, as well urged the court remand the defendant pending the determination of the charge.
However, the defendant through his lawyer, Barrister Paul A. Omolodun, prayed the court for bail, which he pleaded to be in liberal terms.
The defendant’s request was granted and he was admitted to bail in various terms and conditions.
The judge thereafter adjourned the matter to June 26, 2025, for trial, but ordered that the defendant be remanded in the facility of the Nigerian Correctional Services (NCoS) pending the perfection of the bail conditions.
Charges Against The defendant read: “that you, Kazeem Oluwaseun Oladipupo ‘m’ and others at large sometime in October 2021 in Lagos State, within the jurisdiction of the Lagos Judicial Division of the Federal High Court, with intent to defraud did conspire to commit felony to wit: obtaining money under false pretence and thereby committed an offence contrary to Section 8(i) (a) and punishable under Section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, No. 14 of 2006.
“That you, Kazeem Oluwaseun Oladipupo ‘m’ and others at large sometime in October 2021 in Lagos, within the aforementioned within the jurisdiction of this Honourable Court, with intent to defraud while being appointed as a Marketing Agent to Ibile Holding Ltd to monitor the 200 Units of Shops at Tejuosho Market, Yaba, Lagos State, on the instruction that you will enforce the annual rent payment of the allocated shops through the Ibile Holdings Limited, and paid the said money through the company account number 000449935 domiciled in Access Bank Plc, but you fraudulently converted the said money to your own use and benefit the sum of N80, 000, 000. 00 (Eighty Million Naira) being the money realized as annual rent payment of the allocated shops of Ibile Power Holding Limited which you subsequently converted the said money to your own use and benefit and thereby committed an offence contrary to Section 1(1) (a) of the Advance Fee gdFraud and Other Fraud Related Offences Act No. 14 of 2006 and punishable under Section 1(3) of the same Act.
“That you, Kazeem Oluwaseun Oladipupo ‘m’ and others at large on the same date, time and place in the aforementioned Judicial Division of Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of the sum of N80, 000, 000.00 (Eighty Million Naira) property of Ibile Power Holding Limited, Tejuosho Market, Yaba, Lagos State, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2)(b) (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
