Akinkunle Olunloyo, the son of former governor of Oyo State , late Dr. Omololu Olunloyo, has been arraigned before a Lagos Magistrate’s Court for allegedly obtaining N40m from the management of Aquila Leasing Limited under false pretence.
The accused, who is also the Managing Director of Code Media Limited, according to the police, was arrested by detectives at the Special Fraud Unit, PSFU, Ikoyi following a petition written against him by the Management of Aquila Leasing Limited.
He was charged before an Igbosere Magistrate’s Court on a two-count charge of felony to wit, obtaining money under false pretense.
Police Counsel, Sylvester Azubuike told the court in charge No A/33/2018 that the accused and others still at large committed the alleged fraud in November, 2014 in Lagos.
Azubuike said that the management of Aquila Leasing Limited reported that the accused, the Managing Director of Code Media Limited, applied for a N40m loan from them to renovate his entertainment hall and premises and issued his company three GTBank cheques as security to secure the loan.
The complainant stated that the accused later breached the agreement binding the loan and failed to pay back the money till date.
Azubuike noted that the offences committed by the accused were contrary to sections 409 and 312(1)(b) and punishable under section 312(2) of the criminal laws of Lagos State, 2011.
The accused, however, pleaded not guilty to the charges levelled against him.
Chief Magistrate O.O. Oshin, in ruling granted him bail in the sum of N500,000 with two sureties in like sum and adjourned the case till 5 June, 2018 for mention.