Honourable Kazeem Adedeji, a former Commissioner for Trade, Investment and Cooperatives was on Thursday remanded in prison custody by a Federal High Court sitting in Lagos.
The former Commissioner and two others; Yinka Fatoki and Kolawole Adewole are to be remanded at the Kirikiri Prisons till 8 October when their bail application will be heard.
The 3 are facing a six-count charge bordering on conspiracy and fraud.
The trial judge, Justice Chukwujekwu Aneke, however, ordered their remand, sequel to an application by the prosecutor, Effiong Asuquo who informed the court that the counsel to the accused, Mr Bode Iranloye, had just served him a bail summons for his clients. The prosecutor told the court that he would need some time to file a counter affidavit.
While adjourning the case for hearing of the bail application, Justice Aneke adjourned ordered that the accused persons should be remanded in prison, pending the determination of their bail.
The prosecutor told the court that sometime in 2012, while Adedeji was still a commissioner, the Oyo State Government entered into a partnership agreement with the Bank of Industry. He further stated that the fund, known as OYSG/B.O.I Fund, was to create a pool from which indigenous entrepreneurs from the state could access credit facilities.
Asuquo told the court that both parties had made a contribution of N500,000,000 each, which amounted to a joint contribution of N1 billion which was meant to promote Micro and Medium businesses in Oyo State. .
It was alleged that Adedeji went on to lodge the contributions into Enterprise Bank where his wife allegedly worked as an account officer. It was also alleged that the lodgement was done without the consent and approval of the Oyo State Government.
The prosecutor further alleged that that the accused then conspired to obtain over N77 million, which the accused granted to Josh-Tolani Ventures, Tembenatil Ventures, Ojoo, God’s Grace Cooperative Society, Agric Preserve Company Ltd, and Adis Steel Works Ltd.
Asuquo told the court that upon investigation at the Corporate Affairs Commission (CAC), it was discovered that none of these companies existed, an offence that contravenes Sections 1(1), 1(3) (a) and 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, Cap A6, Laws of the Federation, 2004.
In an earlier interview however, Adedeji had stated that there was no way he could have lodged the money without the consent of the state government.