The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Wednesday, July 2, 2025, arraigned one Lateef Akintoye and a company, Rufus Whyte Limited, before Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja.
The defendants are facing a two-count charge bordering on stealing and obtaining money under false pretence to the tune of N100 million.
According to the EFCC, in 2023, the defendants approached Baklang Group of Companies, offering to procure a Standby Letter of Credit (SBLC) — a financial instrument meant to secure $500 million in international trade credit — for the purchase of petroleum products abroad.
They allegedly claimed to have vast experience in the industry and demanded a processing fee of $150,000. Convinced by their representations, the petitioner reportedly transferred a total sum of N100 million to the defendants in two tranches.
However, the EFCC alleges that the defendants reneged on their promise, failed to deliver the SBLC, and subsequently became unreachable.
One of the charges reads: “That you, LATEEF AKINTOYE and RUFUS WHYTE LIMITED, sometime in 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use an aggregate sum of N100,000,000.00 (One Hundred Million Naira), property of Baklang Group of Companies Limited, thereby committed an offence of Stealing, contrary to Section 285 (1) (a) of the Criminal Law of Lagos State, 2011.”
The defendants pleaded not guilty to the charges.
Defence counsel, Abayomi Seyidara, moved for bail, arguing that the offence was not capital in nature and that the matter stemmed from a civil transaction between business parties. He described his client as a first-time offender willing to attend trial and present reliable sureties.
However, the prosecution counsel, A.A. Usman, opposed the bail application, insisting the defendant failed to present compelling reasons for bail and warning that his release could jeopardize the case.
Justice Okunuga ordered that Akintoye be remanded at the Ikoyi Correctional Centre and adjourned the case until July 10, 2025, for ruling on the bail application.