The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, has arraigned one Lateef Akintoye and a company, Rufus Whyte Limited, before Justice O.A. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos.
The defendants were dragged to court on Wednesday, July 2, 2025, over allegations of stealing and obtaining money under false pretence to the tune of N100 million.
According to the anti-graft agency, the defendants, in 2023, approached Baklang Group of Companies with an offer to procure a Standby Bank Letter of Credit (SBLC) valued at $500 million. The SBLC is a financial instrument that provides credit backing for international transactions, particularly for the purchase of petroleum products.
The agency alleged that the defendants convinced the company they had the expertise and experience to deliver the instrument within six weeks. As part of the arrangement, they demanded $150,000 as a processing fee for securing the SBLC.
The petitioner claimed that N100 million was paid to the defendants in two instalments but the defendants allegedly failed to deliver 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 million, property of Baklang Group of Companies Limited, thereby committing the 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.
Counsel to the defendants, Abayomi Seyidara, while applying for bail, described the situation as a civil business transaction between the parties, stating that his clients had no criminal records. He assured the court that the defendants were ready to defend themselves and would not interfere with investigations or witnesses.
The prosecution counsel, A.A. Usman, however, opposed the bail application, arguing that the defendants had not provided sufficient grounds to warrant bail. He stressed the gravity of the offence, the large amount involved, and the potential risk of jeopardising the case if bail is granted.
After hearing both parties, Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the matter till July 10, 2025, for ruling on the bail application.
