By Victoria Tokolo
A Lagos State High Court sitting in Ikeja has granted bail to businessman Oladipo Olaleye Akanle over allegations that he and his company, Avalanche Trade 1307, converted N23 million erroneously transferred into his bank account to their own use.
Akanle and his company were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Ismaila Ijelu on a one-count charge of stealing, contrary to Section 278(2)(a) of the Criminal Law of Lagos State, 2011.
According to the charge, the defendants allegedly converted the sum of N23 million, said to have been mistakenly transferred into Akanle’s Zenith Bank account in January 2023, belonging to Chinedu Iyizoba.
Both defendants pleaded not guilty to the charge.
Following their plea, prosecution counsel, James Banjo, urged the court to remand Akanle in custody pending trial.
However, defence counsel, Lanre Ogunlesi, SAN, applied for bail, assuring the court that his client would attend proceedings whenever required.
Ogunlesi disputed the amount stated in the charge, arguing that the sum involved was N13 million and that N10 million had already been repaid.
He further told the court that Akanle had been in EFCC custody since the previous Tuesday and had previously been charged before a magistrate’s court, where he was discharged.
The senior advocate also maintained that the transfer was a mistake and urged the court to release his client into his custody, assuring the judge that he would not abscond.
Responding, the prosecution, which initially opposed the application, acknowledged that the decision to grant bail and determine its conditions rested with the court.
In his ruling, Justice Ijelu said the primary consideration was whether the defendant would make himself available for trial.
The judge subsequently granted Akanle bail and ordered his release to Ogunlesi, who must provide a written undertaking to produce the defendant in court on every adjourned date unless otherwise directed.
The matter was adjourned until November 30, 2026, for trial.
