A Federal High Court in Lagos, presided over by Justice Musa Kakaki, has struck out the N58.527 million fraud charges filed by the Police Special Fraud Unit (PSFU) against businessman Afolabi Islamiu Olayinka and his company, Bowofab Global Services Limited.
Justice Kakaki’s decision followed the announcement by the prosecutor, Chukwu Agwu, and the businessman’s lawyer, Barrister J. A. Sanusi, that the parties had reached a settlement agreement.
Both counsel urged the court to strike out the charges, a request granted by the judge.
The PSFU had arraigned Olayinka in 2022 on a four-count charge of conspiracy to defraud and obtaining a substantial sum under false pretences.
The businessman consistently maintained his innocence and pleaded not guilty throughout the trial.
Following the submissions, Justice Kakaki discharged Mr Olayinka and his company of all the alleged offences, effectively ending the two-year legal tussle.