The Economic and Financial Crimes Commission, EFCC, on Wednesday 21st 0f October 2009, arraigned a forty-year old spinster and oil magnate: Miss Yinka Olagbaju at a Lagos High Court sitting in Ikeja, Lagos, on a two count charge bordering on issuance of dishonoured cheques amounting to One hundred and twenty five million naira only( N125, 000,000.00k). The offences are contrary to section 1(1) (a) of the Dishonoured Cheques(Ofences) Act, Cap. D11 Laws of the Federation of Nigeria, 2004.

Olagbaju who hails from Osun state, is the managing director of Pro-Oil Nigeria Limited. The firm, an oil-marketing outfit, took a facility of One hundred and forty six million, eight hundred thousand naira( N146,800,000.00k) from a new generation bank on July 2005. The bank alleged that Olagbaju gave a personal guarantee as the security for the loan, with an Irrevocable Letter of Domiciliation of Payment, but reneged on the loan agreements and arrangements. She had paid part of the loan and issued two separate cheques: one on 18th October, 2005 for the sum of sixty eight million naira( N68,000,000.00k) and another on 24th October, 2005 for the sum of (N57,000,000.00k), to offset the loan. The two cheques were dishonoured on the grounds that no sufficient funds were standing to the credit of the account on which the cheques were drawn. It was on the basis of these facts that she was arraigned.

The court read the two count charges to Olagbaju. One of the charges read: “Miss Yinka Olagbaju and Pro-Oil Nigeria Limited on or about 18th October, 2005 at Lagos within the Ikeja Judicial Division with intent to defraud, knowingly and fraudulently issued an ECOBANK Nigeria plc. Cheque no. 00000126 dated 18th October, 2005 for the sum of sixty eight million Naira( N68,000,000.00k) payable to Intercontinental Bank plc. Which when presented for payment was dishonoured on the grounds that no sufficient funds were standing to the credit of the account on which the cheque was drawn.” She pleaded “not-guilty” to the two charges.

EFCC counsel, Ben Ubi, did not oppose a bail application made by Olagbaju’s counsel: Seth Azubike Ikenge. On the strength of this, Presiding Judge: Justice Morenike Obadina granted Olagbaju bail in the sum of Five Hundred thousand Naira( N500,000.00k) with two sureties. One of the sureties must be an owner of a valid property in Lagos and the other must be a civil servant on grade level 12 and above. The Judge ordered that Olagbaju be remanded in EFCC custody until she meets all the bail conditions. The case was adjourned till November 26th and 27th, 2009 for trial.