The Ibadan Zonal Command of the Economic and Financial Crimes Commission has arraigned Emmanuel Ajibola Obakin for allegedly stealing N251,685,000 belonging to a firm, Lee Fakino Nigeria Limited.

The EFCC made these declarations via a statement issued on Tuesday.

Wilson Uwujaren, Head, Media and Publicity of EFCC, in the statement made available to newsmen, noted that the commission on Tuesday arraigned the suspect before Justice Ladiran Akintola of Oyo State High Court.

He added that the commission dragged the suspect to the court on a four-count charge bordering on alleged stealing.

It maintained that the suspect, one of the two directors of the company and a signatory to the company’s account, committed the alleged offence in December last year.

The commission, while speaking further, revealed that the suspect allegedly withdrew the money without authorization and consent of the Managing Director and Chief Executive Officer, Akindele Fajemiyo.

The prosecution counsel, Oyelakin Oyediran, asked the court for a trial date.

It also prayed the court to remand the defendant in the correctional facility pending the determination of the case.

But, counsel to the defendant, Ibrahim Lawal, in his remarks, urged the court to admit his client to bail.

Akintola, after listening to the two parties, admitted the defendant to bail in the sum of N50 million and two sureties, preferably the wife and younger brother to the defendant, in like sum.

The judge then ordered that the defendant provide the court with his National Identification Slip and residential addresses.

He, however, adjourned the matter till 23rd October, 2023 for further hearing