The Ibadan Zonal Command of the Economic and Financial Crimes Commission, on Tuesday, arraigned Obakin Ajibola before Justice Ladiran Akintola of the Oyo State High Court sitting in Ibadan on a four-count bordering on alleged theft of N251,685,000 belonging to a firm, Lee Fakino Nigeria Limited where the accused had also been a director.

According to a statement issued by the Head of Media and Publicity of the anti-graft agency, Wilson Uwujaren, the defendant was said to have committed the alleged offence in Ibadan around December 2022.

The defendant, who was said to be one of the two directors of the company and signatory to the company’s account, allegedly withdrew the money from the account without authorisation and consent of the Managing Director and Chief Executive Officer, Akindele Fajemiyo, who is also a signatory to the account.

Obakin was alleged to have removed the telephone numbers and email address of the MD/CEO of the company from the bank details of Lee Fakino Nigeria Limited, through which notification alerts of transactions were received to enable him to keep track of the account.

The statement partly reads, “Obakin, afterwards withdrew the said sum from the account of the firm, which was money paid for works executed by Lee Fakino Nigeria Limited for the Lagos State Ministry of Agriculture between December 22, 2022, and March 9, 2023, without any notification received by Fajemiyo.

“Upon arraignment, Obakin pleaded “not guilty” to the charges filed against him by the EFCC.

“In view of his plea, prosecution counsel, Oyelakin Oyediran asked the court for a trial date and prayed the court to remand the defendant to the Correctional facility pending the determination of the case.

Counsel to the defendant, Ibrahim Lawal, urged the court to admit his client to bail.

“Justice Ladiran Akintola admitted the defendant to bail in the sum of N50 million and two sureties, preferably the wife and younger brother to the defendant, in like sum.

Furthermore, “The sureties are to swear an affidavit of means, deposit their National Identification Slip with the court and provide the court with adequate residential addresses.”

The court equally ordered that the defendant provide the court with his National Identification Slip and residential address.

The matter was adjourned till October 23, 2023, for further hearing.