Kunle Olunloyo, son of former governor old Oyo State, Dr Victor Olunloyo, was on Monday arraigned before an Igbosere Magistrates’ Court, Lagos, by the Police Special Fraud Unit (PSFU) over allegation that he defrauded a financial institution to the tune of N40 million.
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The 40-year-old, a former night club owner, was charged alongside his entertainment firm, Code Media Ltd, by, Lagos.
They are standing trial on a two-count charge of conspiracy and fraud.
Police Prosecutor Sylvester Azubuike told the court that Olunloyo and others still at large, committed the offences sometime in November 2014 in Lagos.
He said the accused fraudulently obtained N40 million under guise of using it to renovate his company’s entertainment premises and hall.
According to the police, Olunloyo did not pay back the money, instead, he converted it to his own use.
The offences contravened Sections 312(1), (b), 312 (3) and 409 of the Criminal Law of Lagos State, 2011.
Olunloyo pleaded not guilty and his lawyer, Mr Seyi Soremekun, urged the court to grant him bail on self-recognition or on liberal terms.
In her ruling, Magistrate O. O. Oshin observed that the accused was already standing trial on another charge before her.
She granted the accused a bail of N500, 000 with one surety in the like sum and adjourned the case until June 5.
