Court Remands Faboyede In Prison Custody Over N500m Fraud

Economic and Financial Crime Commission

Former Ondo State PDP Chairman Arraigned On Three Count Charges

A former Chairman of the Peoples Democratic Party in Ondo State, Clement Faboyede, was on Friday arraigned by the Economic and Financial Crimes Commission for an alleged fraud of N500m.

Faboyede was arraigned alongside Modupe Adetokunbo before the Federal High Court in Lagos on a three count charges against them on conspiracy and money laundering.

In the charges, EFCC claimed that Faboyede and Adetokunbo received a sum of N500m from one Owolanke Michael in the build-up to the 2015 general election.

Faboyede was accused of making N500m cash payment to the Ondo State Election Committee of the PDP‎.

E‎kene Iheanacho, the prosecuting counsel for the EFCC, said the defendants committed the offence on March 27, 2015, adding that they acted contrary to Section 18 of the Money Laundering (Prohibition) Act, 2011 and are liable to punishment under Section 16(2) of the same Act.

Faboyede and Adetokunbo on their arraignment on Friday before Justice Saliu Saidu, pleaded not guilty.

The judge, while adjourning the case till September 17, 2018, ordered that the defendants should be remanded in the prison custody.