The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arraigned a businessman, Taiwo Sunday, over an alleged N123m fraud linked to a motorcycle supply deal.
Sunday was brought before Justice Kareem Adedokun of the Oyo State High Court sitting in Ibadan on a two-count charge bordering on fraud, according to a statement issued by the commission on Wednesday.
The EFCC said the alleged offence is contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.
Part of the statement read, “The Ilorin Zonal Directorate of the EFCC, on Tuesday, May 4, 2026, arraigned a businessman, Taiwo Sunday, on a two-count charge of alleged fraud to the tune of N123 million.
“He was arraigned before Justice Kareem Adedokun of the Oyo State High Court sitting in Ibadan. The offence is contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.”
The commission explained that the case followed a petition by one Oluwarotimi John over an alleged fraudulent business transaction.
According to the EFCC, the complainant alleged that in April 2024, Sunday approached him with a proposal to supply motorcycles, claiming to have exclusive dealership arrangements with major distributors in Lagos and parts of northern Nigeria.
The petitioner reportedly paid N123,050,000 into the account of Sunday’s company, Yemsund Enterprise, based on the agreement.
However, the EFCC said the motorcycles were neither delivered nor was the money refunded.
In a related development, PUNCH Metro had earlier reported in June 2024 that a businessman, Peter Otomewu, and his company, Pebeto Enerji Limited, were arraigned before the Ikeja Special Offences Court for allegedly defrauding a petroleum services firm of $75,000.
They were charged with obtaining money under false pretence and stealing.
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