On Wednesday, a financial advisor named Oluwatomilola Balogun appeared before a Lagos High Court at Tafawa Balewa Square. Balogun was arraigned on four counts of obtaining under pretenses alongside two companies, Twelvest Ltd. and Vestract Ltd. The charges are related to allegedly defrauding four different people of N68.6 million and $10,000.
According to the Lagos State Prosecution counsel, Ms Ade Erinkitola, Balogun committed the alleged offenses between February 2019 and December 2021 at Suite GO2B, Waterside, 5 Admiralty Road off Lekki Phase 1, Lagos. The prosecution alleged that Balogun fraudulently obtained N36.6 million and $5,000 from one Mrs George Epebitie by representing herself as a financial advisor. Additionally, she allegedly obtained N12 million and $4,000 from one Ms. Eriye Onagoruwa and N5.5 million and $1,000 from one Ms. Adeola Odunlami under pretenses. Finally, Balogun allegedly obtained N14.5 million from one Ms Modupe Ayeni, representing herself as a financial advisor.
Erinkitola argued that Balogun advised Epebitie and others to invest in businesses and promised they would get their return on investment, which they did not receive. The prosecutor stated that the offenses contravened Section 314(3) of the Criminal Law, Ch. C17, Vol. 3, Laws of Lagos State, 2015.
Balogun pleaded not guilty to the charges. However, Erinkitola urged the court to remand the defendant to a correctional facility pending the determination of her bail application. In response, the Defense Counsel, Mr. Olabisi Makanjuola, informed the court that the defendant was on administrative bail. Makanjuola requested that the court allow her to continue enjoying administrative bail, stating that she is a nursing mother. He also pledged to ensure that Balogun attends court proceedings.
Justice Ibironke Harrison granted Balogun’s prayer, stating that “the offense is a bailable offense”. However, she ordered the defense to serve their bail application to the prosecution. The judge adjourned the case until May 2 for the commencement of trial and the hearing of the bail application.
