N150m Fraud: Court winds Up Firm, Orders Final Forfeiture of Late Businessman’s Properties in Lagos


Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Thursday, December 15, 2022, ordered that Decrest Ayaduk Haulage, a company belonging to the late Adekunle Adedeji, be wound up over a N150m fraud.

The Judge also ordered the company’s assets sold to restitute the said sum of N150m, which was a loan facility granted the deceased by Unity Bank.

The Economic and Financial Crimes Commission, EFCC, had, in 2018, investigated a petition from the bank, accusing the defendant of defrauding it by diverting the money to other personal purposes rather than the haulage business he claimed it was meant for.

Upon investigation, the EFCC, had, in May 2019, arraigned the late Adedeji, who was the Managing Director, alongside Decrest Ayaduk Haulage on a two-count charge bordering on obtaining by false pretense and stealing, to which he pleaded “not guilty”.

During the trial, Adedeji died, prompting the prosecution to amend the charges, as the late MD was removed, and the company prosecuted.

The prosecution, in the course of the trial, called four witnesses through whom several documents were tendered in evidence.

Delivering judgment, Justice Dada held that the prosecution proved its case against the defendant, and so found the defendant guilty as charged.

The company was, therefore, ordered to be wound up and all its assets sold to ensure restitution.

The Judge also ordered the final forfeiture of Fountain Estate and Fountain House in Badagry, Lagos, being properties traced to the defendant.