A Federal High Court sitting in Lagos has ordered the remand of businessman, Bayo Adelore, at the Ikoyi Custodial Centre over his alleged involvement in the laundering and unlawful conversion of N1 billion belonging to a financial advisory firm.
Justice Ibrahim Ahmad Kala gave the remand order after Adelore, alongside his company, Fincon Commodities Trading Limited, pleaded not guilty to a two-count charge bordering on money laundering and unlawful acquisition of proceeds of an alleged criminal act.
The charges, filed under suit number FHC/L/566c/2025, were brought against the businessman and his company by the Special Fraud Unit (SFU) of the Nigeria Police Force. Assistant Commissioner of Police and Head of Legal at the SFU, Murtala S. Usman, initiated the proceedings.
During arraignment, prosecuting counsel, Sylvester Azubuike, told the court that Adelore and his still-at-large co-defendant, Ibrahim Ariyoosu, alongside two other companies, Gstep Logistics Limited and Equip Exim Investment Limited, allegedly committed the offences in 2024.
Azubuike alleged that the defendants fraudulently converted and retained the sum of N1 billion, which was traced to Kairos Capital Limited, now known as Anchoria Advisory Services Limited, a licensed investment and financial advisory company.
He informed the court that the funds were diverted to personal use by the accused.
According to the prosecutor, the offences are contrary to 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 Act.
However, the businessman denied all allegations when the charges were read to him, prompting the prosecution to request a trial date and remand order.
Azubuike urged the court to remand Adelore in the custody of the Nigerian Correctional Services (NCoS) pending the commencement of trial.
But the defendant’s counsel, Remi Adetula, opposed the application, informing the court that a formal bail application had already been filed and served on the prosecution.
The prosecutor confirmed receipt of the bail request but left the decision to the judge’s discretion.
After hearing both sides, Justice Kala granted bail to Adelore in the sum of N1 billion with one surety in like sum.
The judge stipulated that the surety must either be a civil servant not below Grade Level 15 in the federal or Lagos State civil service or a property owner with assets worth no less than N500 million, situated in Lagos or Ogun State.
Other stringent conditions were also attached to the bail to ensure the defendant’s availability for trial.
Justice Kala subsequently adjourned the matter to September 29, 2025, for trial.
The charge sheet reads in part:
“That you Bayo Adelore ‘M’, Fincon Commodities Trading Ltd, Ibrahim Ariyoosu ‘M’ (now at large), Equip Exim Investment Ltd, and Gstep Logistics Ltd sometime in 2024 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, did directly convert to your use and benefit the sum of One Billion Naira (N1,000,000,000.00), knowingly or reasonably ought to have known that the said sum forms part of the proceeds of an unlawful act.”
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