The son of Victor Olunloyo, a former governor of Oyo State, and a brother to journalist Kemi Olunloyo, has been brought before a Lagos Magistrates’ Court in Igbosere over alleged N40 million fraud.
Akinkunle Olunloyo, a 40 year old, former night club owner, was charged alongside his entertainment firm, Code Media Limited, by the Police Special Fraud Unit, (PSFU), Lagos.
They are standing trial on a two-count charge of conspiracy and fraud, before Chief Magistrate O. O. Oshin.
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 from the complainant.
Olunloyo allegedly told the complainant that the money is to facilitate the renovation of his company’s entertainment premises and hall respectively.
According to the police, Olunloyo converted the N40million to his personal use.
The ex-governor’s son pleaded not guilty to the charges.
In a Bench Ruling, Chief Magistrate Oshin, observed that the defendant is standing trial on another charge before her and granted him bail in the sum of N500, 000 with one surety in like sum.
