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Ex-banker arrested over N1.5b fraud


An ex-banker, who allegedly swindled 26 different people to the tune of N1.5 billion appeared before an Igbosere Magistrates’ Court in Lagos on Wednesday.

The accused, Adebayo Ogunusi, is standing trial on a 26-count charge bordering on fraud.

The Prosecutor, Sgt. Innocent Odugbo, told court that the accused committed the offences between May and August 2016 in Lagos.


He said that the accused obtained a total of N1.5 billion from 26 different people under the guise of giving them dollar equivalent of the money.

The prosecutor said that the accused promised to introduce the complainants to forex business but swindled them.

Odugbu said that the accused knew that the representation he made was false.

He said that the offences contravened Section 312 (1) (a) of the Criminal Law of Lagos State, 2011.

The accused, however, pleaded not guilty to the charges.

The Magistrate, Mrs F. O. Botoku, admitted Ogunusi to bail in the sum of N10 million with two sureties in like sum.

She ordered among other things that the accused should submit his traveling passport to the court and that the sureties must reside in Lagos State.

Botoku adjourned the case till Feb. 23 and Feb. 24 for trial.

The News Agency of Nigeria (NAN) reports that the accused was sometime in November 2016 also arraigned for similar offences and was granted the same bail conditions.

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