Olukunle Owolabi: How Man Squandered N10m Mistakenly Deposited To His Account


The Chief Executive Officer of an oil and gas company, Olukunle Owolabi, has been aligned before a Lagos Magistrate’s Court on Tuesday, November 28, for allegedly squandering the sum of N10 million mistakenly deposited into his bank account.  verdict

In the court sitting at Igboser, Owolabi, who resides in Ogudu GRA, Lagos, is faced with a 1-count charge of fraud levelled against him by the Police, alongside his company.

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53-year old  Owolabi stood before Magistrate F. O. Botoku, while the prosecutor, Chinedu Njoku, told the court that the defendant committed the offence on April 5.

It was noted that the offence is punishable under section 285 (5a) of the Criminal Law of Lagos State, 2015.

Njoku said the incident occurred at No. 2, Tinubu Street, Lagos Island. According to the prosecutor, at about 11 a.m the defendant fraudulently converted N10 million belonging to a bank, which was deposited into his account by Telecorev Nigeria Limited on March 31.

Speaking further, the prosecutor told the court that the defendant’s account was last used by him in 2016, however, as soon as he suddenly received an alert from the bank, he quickly transferred the entire money into his account in another bank account and used it in paying off his debts.

The defendant, during his arraignment, admitted to the court that he receive an alert of N10 million on March 31. But added that he thought the money was from one of his customers or debtors.

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Owolabi also pleaded not guilty to the charge.

Magistrate Botoku then granted him bail in the sum of N1 million with two sureties in like sum. She said the sureties must be gainfully employed and show evidence of payment of tax to Lagos State government with verification of addresses.

Botoku adjourned the case to December 19 for a mention.