EFCC Arraigns Three For Alleged Currency counterfeiting In Lagos

The Economic and Financial Crimes Commission, EFCC, has arraigned three businessesmen Adekunle Akinsinde Alabi, Bakare Taofeek Ajibola and Olawepo Segun Ayinde on a four- count charge bordering on dealing in counterfeit currency and possession of counterfeit currency to the tune of $290,000 (Two Hundred and Ninety Thousand USD) before Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos.

Justice Oweibo remanded the trio in custody after they were arraigned on four counts charge

One of the counts reads: “That You, Adekunle Akinsinde Alabi, Bakare Taofeek Ajibola and Olawepo Segun Ayinde ,or about the 20th January, 2023 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to deal in counterfeit currency, to wit, offer for sale the sum of $290,000 (Two Hundred and Ninety Thousand USD) counterfeit currency, contrary to and Section 6(2)(b) and punishable under Section 4(1) of Counterfeit Currency (Special Provisions) Act Cap. C35, Law of the Federation of Nigeria, 2004.”

They pleaded “not guilty” to the charge preferred against.

In view of their plea, the prosecution counsel, G.C Akaogu, asked the court for a trial date and also prayed that the defendants be remanded.

The defence counsel, I. Chiaha, however, prayed the court for the defendants to remain in the EFCC custody.

Justice Oweibo adjourned to June 26, 2023 for trial and ordered that the defendants remain in the EFCC custody for two weeks and thereafter be placed in prison custody.

The defendants were arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, in the Oniru area of Lagos on January 19, 2023, following an intelligence report received about their involvement in the alleged criminal activities.

They were subsequently handed over to the EFCC for further investigation and prosecution.