By Stephen Simon
A Federal High Court in Lagos has granted bail in the sum of N10 million to a 38-year-old man, Mobayonle Olaoluwa Akinboyowa, who was arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, over allegations of conspiracy, obtaining money by false pretence and laundering proceeds of crime amounting to $150,000.
Akinboyowa was arraigned on Wednesday before Justice Kala on a six-count amended charge marked FHC/L/97c/2026. The charges were filed by the PSFU, which alleged that the defendant conspired with one Femi Victor Oguns, who is currently at large, to defraud victims under the guise of conducting foreign exchange transactions.
Prosecuting counsel, Barrister Achi Caleb, told the court that the defendant and his alleged accomplice unlawfully obtained and took possession of about $150,000 belonging to one Hassan Murtala and other victims in August 2025. He further alleged that the defendant knowingly acquired and controlled funds that constituted proceeds of unlawful activities.
The prosecution also accused Akinboyowa of converting and transferring the funds to himself and other persons, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. In addition, he was charged under the Advance Fee Fraud and Other Related Offences Act, 2006, for allegedly obtaining the money through false representations that it would be used for foreign exchange transactions.
According to the prosecution, the offences contravene Sections 18(2), 18(3) and 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Sections 1(3) and 8(1) of the Advance Fee Fraud and Other Related Offences Act, 2006.
The defendant, however, pleaded not guilty to all the charges. Following his plea, the prosecution sought a trial date and urged the court to remand him in a correctional facility pending the determination of the case.
Counsel to the defendant, Destiny Obun Takon, informed the court that a bail application had already been filed and served on the prosecution, a position that was confirmed by the prosecutor. The court subsequently directed the defence counsel to move the application.
In a ruling, Justice Kala granted the defendant bail in the sum of N10 million with one surety in like sum. The court held that the surety must either be a civil servant not below Grade Level 14 or a property owner within the court’s jurisdiction with property valued at not less than N10 million.
The judge further directed the surety to provide the phone number linked to his or her bank account for alert verification. Where the surety is a civil servant, the court ordered that a letter of recognition be obtained from the relevant Head of Department.
Pending the perfection of the bail conditions, the court ordered that Akinboyowa be remanded in the custody of the Nigerian Correctional Service and adjourned the matter until June 30, 2026, for commencement of trial.
The amended charge alleges that the defendant and his accomplice, who remains at large, conspired to take possession of and transfer proceeds of crime amounting to $150,000 belonging to Hassan Murtala and other victims, while also obtaining the funds through false pretences relating to foreign exchange dealings.
