N127m Fraud: EFCC Docks Lagos Ex-Scholarship Board Chair

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The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on July 2, 2020, arraigned Stephen Oshinowo, a former Executive Secretary, Lagos State Scholarship Board, for alleged N127m fraud before Justice O.A. Taiwo of the Special Offences Court sitting in Ikeja, Lagos State.

He was arraigned on amended eight-count charges bordering on  criminal conversion to the tune of N127,000,000( One Hundred and Twenty-Seven Million Naira only).

One of the amended eight-count charge read:  “That you, Stephen Oshinowo, sometime in 2018, in Lagos and within the jurisdiction of this honourable court, being a civil servant, dishonourably converted to the use of Oshinowo Adenike the total sum of N30 million (Thirty Million Naira), property of Lagos State Board.”

Another count read: “That you, Stephen Oshinowo, between 8th day of February, 2016 and 30th day of December in Lagos and within the jurisdiction of this honourable court, being the Secretary of Lagos State Scholarship Board, dishonestly converted to your own use, through Julikam International Limited, the sum of N39, 934,919 (Thirty -Nine Million Nine Hundred and Thirty-Four Thousand Nine Hundred and Nineteen Naira) property of Lagos State Board.”

Investigation revealed that Oshinowo, at various times, allegedly diverted to his personal use the sum of N127, 164,066 meant for the Board.

He pleaded not guilty to the charges when they were read to him.

In view of his plea,  prosecution counsel, Usman Buhari, asked the court for a trial date and also prayed for the remand of the defendant.  However,  defence counsel, Lawal Pedro, SAN, prayed the court for a short adjournment to hear the bail application of his client.

Consequently, Justice Taiwo adjourned till July 3, 2020,  hearing of the bail application, and also ordered that the defendant be remanded in  EFCC custody.