$87m theft: Court grants accused modified bail conditions

Forum 3 weeks ago

$87m theft: Court grants accused modified bail conditions

A Federal Capital Territory High Court, Abuja, has modified the bail conditions handed down to one Abayomi Oluwasesan, alongside his wife, for stealing the sum of $87 million from an online crypto platform, Afriq Arbitrage.

Waploaded recalls that the defendant was sued for alleged gaining unauthorized access to subscriber’s investments at the Afriq Arbitage Company, an online trading platform.

The prosecution alleged that the defendant, who pleaded not guilty to the charges, committed the crime by knowingly, and without authority, fraudulently changing the ownership credentials of the Chief Executive Officer of Afriq Arbitrage Company, thereby gaining access to millions of subscribers’ investments and diverting the sum of $87 million to himself.

He was granted bail by Justice M.S Idris.

But the defendant’s counsel, Ayotunde Ogunleye, SAN, had sought leave of court to vary the bail conditions of his client, especially in the area of sureties.

The judge modified the bail condition slightly to require that the two sureties owned properties in the FCT, and not Maitama in particular, while the bail bond was dropped to N400 million.

Meanwhile, the court has fixed 14th May to commence speedy trial of the case, while the two accused persons were returned to Suleja Correctional Centre pending when they perfect the bail conditions.