The Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC) brought before Justice Adebukola Olajide of the Federal High Court, Ibadan, Oyo State, the individuals Lateef Jamiu Babatunde, Olanipekun Olawale Joseph, and Oyetunde Abioye Ibrahim. The arraignment, which transpired on Tuesday, November 21, 2023, pertained to a three-count charge encompassing allegations of conspiracy and the misappropriation of 33.360 metric tons of Cocoa beans valued at N97,578,000.00 (Ninety-Seven Million, Five Hundred and Seventy-Eight Thousand Naira).
One of the charges, as articulated in count one, asserts that Lateef Jamiu Babatunde, Oyetunde Abioye Ibrahim, Wahab Yusuf Adisa (at large), Razaq Afeez Babatunde (at large), Ayobami Yusuf Bello (at large), Ibrahim Akin Fatai (at large), and Oladimeji Mutiu Olaitan (at large) engaged in a conspiracy on or about the 21st of December, 2022, in Ibadan. The alleged conspiracy involved the fraudulent conversion of 33.360 metric tons of Cocoa Beans valued at N97,578,000.00, belonging to Olam Nigeria Limited. This purported act constitutes an offense of Conspiracy to commit Felony, specifically, Stealing by Conversion, as per Section 516 of the Criminal Code, Cap 38, Laws of Oyo State, 2000.
Another charge contends that Olanipekun Olawale Joseph, on or about the 24th of December, 2022, in Ibadan, received 33.360 Metric Tons of Stolen Cocoa Beans valued at N97,578,000.00, belonging to Olam Nigeria Limited. This action, as per the charge, constitutes an offense of Receiving Stolen Property, in violation of Section 427 of the Criminal Code Law of Oyo State 2000.
Upon the reading of the charges, the defendants entered pleas of “not guilty.” In response, the prosecution counsel, Damilare Odemuyiwa, requested a trial date and sought the court’s approval to remand the defendants in the Correctional Centre pending trial. Conversely, counsel to the defendants, Alabi Ogor, apprised the court of a bail application submitted on behalf of the accused.
Justice Olajide, considering the submissions, granted bail to each defendant in the sum of N10,000,000 (Ten Million Naira only) along with two sureties in like sum each. The stipulated conditions for the sureties included gainful employment, evidence of three years’ tax payments, possession of land documents within the court’s jurisdiction, and submission of passport photographs, residential, and office addresses, all of which were to be provided and verified by the court.
Additionally, Justice Olajide ordered the remand of the defendants in EFCC custody until the fulfillment of their bail conditions. The trial was adjourned to February 19, 2024.
The arrest of the trio stemmed from a petition alleging the diversion and absconding with 33.360 metric tons of Cocoa beans valued at N97,578,000.00, belonging to Olam Nigeria Limited. Authorized by their employer, Isiaka Saheed, Managing Director of Sidoclear Services Nigeria, the defendants were entrusted with the delivery of the goods at Tincan Port Apapa, Lagos State, between December 21 and December 24, 2022.
