Businessman arraigned, remanded over alleged money laundering

A Federal High Court sitting in Lagos has ordered the remand of a businessman, Bayo Adelore, at the Ikoyi Correctional Centre over his alleged involvement in a ₦1 billion fraud.

The court, presided over by Justice Ibrahim Ahmad Kala, issued the remand order after Adelore pleaded not guilty to a two-count charge of unlawful acquisition and conversion of funds believed to be proceeds of crime.

Adelore was arraigned alongside his company, Fincon Commodities Trading Limited, by the Special Fraud Unit (SFU) of the Nigeria Police Force.

The charge, marked FHC/L/566c/2025, was filed by the Head of the Legal Department of the SFU, Assistant Commissioner of Police (ACP) Murtala S. Usman.

At the arraignment, the prosecuting counsel, Sylvester Azubuike, told the court that the defendants—Adelore, his company, and an alleged accomplice, Ibrahim Ariyoosu (currently at large)—committed the offences in Lagos sometime in 2024.

According to the prosecution, the defendants, with intent to defraud, unlawfully converted the ₦1 billion belonging to Anchoria Advisory Services Limited, an investment and financial advisory company, to their personal use.

The sum was allegedly acquired through companies linked to the defendants, including Equip Exim Investment Ltd and Gstep Logistics Ltd.

Azubuike further told the court that the offences violated sections 18(2)(b) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same law.

After the defendant entered a not-guilty plea, the prosecutor urged the court to fix a date for trial and to remand the defendant in custody pending the outcome of the case.

In response, the defence counsel, Remi Adetula, informed the court that he had filed a bail application on behalf of his client and had served it on the prosecution.

The prosecutor acknowledged receipt of the bail application but urged the court to exercise discretion in determining the request.

Ruling on the application, Justice Kala granted bail to Adelore in the sum of ₦1 billion, with one surety in like sum.

The judge specified that the surety must be either a civil servant not below Grade Level 15 in the Lagos State or Federal Civil Service, or a property owner with a landed asset worth at least ₦500 million located in Lagos or Ogun State.

Justice Kala subsequently adjourned the matter to 29 September 2025 for trial.

According to the charge sheet, the defendants are accused of acquiring, retaining, and converting the said ₦1 billion despite knowing, or having reason to know, that the funds were proceeds of an unlawful act.

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