Adekunle Olunloyo, son of a former governor of Oyo State, Omololu Olunloyoa and brother of controversial blogger, Kemi Olunloyo, was on Monday, arraigned at a Lagos state magistrate court for an alleged fraud of N40 million.
The younger Olunloyo, was charged alongside his entertainment firm, Code Media Limited, by the Police Special Fraud Unit, (PSFU), Lagos.
The 40-year-old man and his company are standing trial on a two-count charge of conspiracy and fraud.
Prosecuting counsel, Sylvester Azubuike, told the court that Olunloyo committed the offences in Lagos, “sometime in November 2014,” in connivance with accomplices, who are now on the run.
He said the defendants approached a financial institution for a loan facility and “with intent to defraud, obtained the sum of N40million.”
Mr. Olunloyo claimed that the money is to facilitate the renovation of your company’s entertainment premises and hall respectively.
According to the police, Olunloyo converted the N40million to his own use.
Azubuike said the offences contravened sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011.
Olunloyo, however, pleaded not guilty to the fraud charges pressed on him by the police.
His counsel, Seyi Soremekun, applied for his bail on self-recognisance or on liberal terms.
“We were served with the charge this morning. The defendant has been attending meetings at the PSFU whenever required,” Soremekun added.
In a bench ruling, Chief Magistrate Olufolake Oshin, who presided over the matter, observed that the defendant is standing trial on another charge before her, and granted him N500,000 bail with one surety in like sum.
The case has been adjourned to June 5.