Olabisi pleaded not guilty to all the charges against him.
The Federal High Court in Ikoyi, Lagos has ordered the remand of one Olabisi Sulaimon Akanbi, pending the hearing of N492.5 million money laundering charge preferred against him by the Economic and Financial Crimes Commission (EFCC).
Akanbi, alongside four companies, were arraigned on Tuesday before Justice Ridwan Aikawa, on a four-count charge bordering on false pretense and money laundering.
The companies are Labo Entertainment Limited, Labo Autos Limited, Labo Group of companies Limited and Facebuk Magazine Limited.
One of the counts reads: "That you, Olabisi Sulaimon Akanbi (a.k.a Labo), Labo entertainment Limited, Labo Autos Limited, Labo group of companies Limited, Facebuk Magazine Limited and Olaoluwa Wahab Akanbi (a.k.a self paid) sometime between 2017 and 2018 in Lagos within the jurisdiction of this honourable court transferred the sum of N210,000,000 to Arknad properties Limited which you reasonably ought to have known that such funds form part of the proceeds of an unlawful act to with obtaining Money under false pretense contrary to section 15(2) (b) of the money laundering prohibition Act 2011as Amended and punishable under the same section of the Act .
Olabisi pleaded not guilty to all the charges against him.
Following the defendant's plea agreement, counsel to the EFCC, M.K Hussain, urged the court to remand the defendant in prison pending commencement of the hearing on the case.
Opposing this prayer, the defendant's lawyer, Ifedapo Adedipe (SAN), prayed the court to remand his client in the custody of the EFCC.
"My Lord, we were served with this charge at the close of work on Friday and today is the first working day, I plead with my Lord to give a short date for us to file our bail application and remand the defendant in EFCC custody pending bail," he pleaded.
Justice Rilwan Aikawa in his short ruling granted the prayer and ordered that the defendant be remanded in EFCC custody.
The trial judge later adjourned the case to May 30, 2019, for the hearing of bail application.