The Federal High Court sitting in Lagos will on Wednesday April 6, hear a second bail application filed by the Chairman of the Lagos State Rugby Association Steven Olarinde in connection with an alleged N12million fraud.
Olarinde is in the custody of the Nigeria Correctional Services (NCoS) on a remand order of the court following his arraignment in March by the Inspector-General of Police (IGP).
The defendant pleaded “not guilty” to a two-count charge marked FHC/L/104C/2022 and dated February 8, 2022, before Justice Tijjani Ringim.
The charge contained allegations that Olarinde and accomplices – said to be at large – obtained the N12m by “false pretence” from and “with intent to defraud” Sthenic Capital Management Limited in February.
It reads: “That you Stephen William Olarinde ‘m’ and others now at-large on or about sometime in the month of February 2021 at Lagos did aid, abet and counsel each other to commit felony to wit; obtaining money by false pretence and thereby committed an offence punishable under section 8 (a) of the Advance Fee Fraud and Other Related Offences Act 2006.
“That you Stephen William Olarinde ‘m’ and others now at large that between 18th and 21st February 2021 in Lagos did with intent to defraud obtain the sum of N12million only from STHENIC CAPITAL MANAGEMENT LIMITED, that the said sum shall be a collateral loan for both you and STHENIC CAPITAL MANAGEMENT LIMITED a representation you knew to be false and thereby committed an offence punishable under section 1(I) 2 of the Advance Fee Fraud and Other Related Offences Act 2006.
Following Olarinde’s plea, the court heard and rejected his bail application.
The defendant filed another bail application and the court adjourned till April 6 to hear same.
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