A subsidiary of Obasanjo Holdings Ltd has been allegedly defrauded of the sum of N105m by an Egba chief, Abiodun Ajayi.

One Chief Abiodun Ajayi has been dragged to court by the police for allegedly defrauding Alarab Properties, a subsidiary of Obasanjo Holdings Ltd of the sum of N105m.

The News Agency of Nigeria reports that the accused was arraigned before an Abeokuta magistrates’ court on three counts bordering on forgery, fraud and stealing.

The prosecutor, Sunday Eigbejiale, told the court that Ajayi, who is the Balogun of Ijemo in Abeokuta south council area, fraudulently forged the Sidipon community power of attorney and fraudulently used same to obtain the sum of N105m from Alarab Properties.

The prosecutor said the accused committed the alleged offences in a transaction involving the sale of 67 acres of land at the Sidipon Village.

The charge reads in part: “That you Salimon Abiodun Ajayi, between 2007 and 2012, with intent to defraud, did obtain the sum of N105m, property of Alarab Properties, a subsidiary of Obasanjo Holdings Limited, with the pretext that you are in position to sell 67acres of land to Alarab Properties and thereby committed an offence contrary to and punishable under Section 419 of Ogun State 2004.”

However, the accused, who is also a petroleum products dealer, pleaded not guilty to the charges.

His counsel, Mr Akolade Afolabi, urged the court to admit his client to bail in line with constitutional provision, since the offence attracts no capital punishment.

Afolabi citing section 36(5) of Nigerian constitution argued that an accused is presumed innocent until proven guilty.

Ruling on the bail application, Magistrate Oriyomi Sofowora, granted the accused bail in the sum N250, 000 with two sureties in like sum.

Sofowora adjourned the case till Dec. 20.

In some other news, the EFCC has stuck a deal with a former minister of state for defence, Musiliu Obanikoro, which will see the latter testify against Governor Ayodele Fayose of Ekiti state and his aide, Mr. Abiodun Agbele in a case of alleged N4.7bn fraud.

A source with knowledge of the plea bargain said Musiliu Obanikoro was at the Abuja office of the EFCC on Monday morning, November 28 as part of investigations into the alleged fraud.

The source said since Obanikoro has confessed that he was the one who collected the N4.7bn and distributed it, noting that the ex-minister is in the best position to testify in court.