Oyo bizman faces trial for suspected N123m fraud

In Oyo State, Nigeria, a businessman named Taiwo Sunday faces serious allegations of fraud amounting to N123 million. The Economic and Financial Crimes Commission (EFCC) has brought him before the Oyo State High Court in Ibadan, charging him with two counts of fraud. This legal action follows a petition from Oluwarotimi John, who claims Sunday defrauded him in a motorcycle supply deal.

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The Ilorin Zonal Directorate of the EFCC, on Tuesday, May 4, 2026, arraigned a businessman, Taiwo Sunday, on a two-count charge of alleged fraud to the tune of N123 million.

The EFCC's statement details how the complainant, John, allegedly paid N123,050,000 into the account of Sunday's company, Yemsund Enterprise, based on an agreement for motorcycle supply. Sunday had reportedly presented himself as having exclusive dealership arrangements with major distributors. However, the motorcycles were never delivered, and the substantial sum of money was not refunded, leading to the current charges.

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He was arraigned before Justice Kareem Adedokun of the Oyo State High Court sitting in Ibadan.

This case highlights the persistent issue of financial crimes and business-related fraud in Nigeria. The EFCC's intervention underscores its role in investigating and prosecuting such offenses. The legal proceedings will now determine the veracity of the claims and whether Sunday is found guilty of defrauding John, with potential consequences under Section 390 of the Criminal Code Law of Oyo State. The article also briefly mentions a similar case involving another businessman, Peter Otomewu, who was arraigned for allegedly defrauding a petroleum services firm, indicating a pattern of such alleged offenses.

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The offence is contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.