The trial of businessman Oladipo Olaleye Akanle and his company, Avalanche Trade 1307, over an alleged N23 million theft will begin on November 30, 2026.
This development followed their arraignment by the Economic and Financial Crimes Commission (EFCC) over the alleged crime.
It will be recalled that the defendants were brought before Justice Ismail Ijelu of the High Court of Lagos State, Ikeja, on a one-count charge of stealing contrary to Section 278(2)(a) of the Criminal Law of Lagos State, 2011.
The charge alleged that Akanle and his company converted N23 million, said to have been erroneously transferred into Akanle’s bank account in January 2023, to their own use.
The anti-graft agency stated that the said sum belongs to Chinedu Iyizoba. However, the defendants pleaded not guilty to the charge, prompting counsel for the prosecution, James Banjo, to ask the court to remand Akanle in custody pending trial.
Counsel for the defence, Lanre Ogunlesi, SAN, applied for bail on eight grounds, assuring the court that his client would not abscond and would be available whenever required.
The SAN informed Justice Ijelu that Akanle had been in EFCC custody, adding that the defendant’s father had died in a plane crash.
The senior lawyer disputed the amount stated in the charge, claiming the sum involved was N13 million, with N10 million already repaid.
Ogunlesi equally informed the court that Akanle had previously been charged before a magistrate’s court but was discharged.
In handing down his ruling, Justice Ijelu declared that the primary consideration in determining the bail application was whether the defendant would attend his trial.
Justice Ijelu granted Akanle bail and released him to his counsel, directing Ogunlesi to write an undertaking guaranteeing that he would produce the defendant in court for every trial date unless otherwise directed.
According to the judge, ‘You shall write an undertaking to always produce the defendant for his trial.’