The Economic and Financial Crimes Commission has arraigned a businessman, Tunji Adewumi Adepoju, and his company, West Quantum Auto Products Ltd, before the Lagos State High Court sitting in Ikeja over an alleged N53 million fraud.
Securitynewsalert.com heard that Adepoju and the company were arraigned on Wednesday, February 18, 2026, on a two-count charge bordering on conspiracy and stealing.
According to the prosecution, the defendant allegedly diverted proceeds from the sale of eight vehicles belonging to Mr Idowu Raji, valued at N53,000,000, for personal use. The alleged offence is said to contravene Sections 41(1), 280(4), and 281 of the Criminal Law of Lagos State, 2011.
One of the charges stated that Adepoju, while serving as Managing Director/Chief Executive Officer of the company in February 2022, conspired with the firm to steal the sum belonging to the complainant.
The second count alleged that he dishonestly converted the proceeds from the sale of the eight vehicles to his own use.
The defendant pleaded guilty to the charges when they were read in court.
Following the plea, prosecuting counsel, Catherine Arinola Ati-John, urged the court to fix a date for the commencement of the trial and requested that the defendant be remanded in a correctional facility.
However, defence counsel, Ndubusi Oraemyem, informed the court that a bail application had been filed and sought a short adjournment to move the application.
Justice O. A. Okunuga subsequently adjourned the case to March 2, 2026, for trial and ordered that the defendant be remanded at the Ikoyi Correctional Centre.
