Court Orders EFCC to Return $20,000 ‘Bail Condition’ to Owner After Acquittal of Fraud Charges

An Ikeja Special Offences Court has directed the Economic and Financial Crimes Commission (EFCC) to return \$20,000 to its rightful owner, Mr. Olalekan Abdul. The court’s decision followed a motion filed before the court, with the prosecution represented by T.A. Mokuolu and the applicant’s lawyer, O.C. Olatunji.

Justice Mojisola Dada, who delivered the ruling, ordered that the $20,000, which had been tendered and admitted as evidence during a trial on March 8, 2023, be returned to Abdul. The court also specified that the funds be held in escrow in a domiciliary account at Polaris Bank, Ikeja, in the name of the Chief Registrar of the High Court of Lagos State until the conclusion of the case, which has now been resolved.

Furthermore, the court lifted the lien placed on N10 million in an Access Bank account belonging to the defendant’s surety, Mrs. Jemilat Oluremi Yusuf-Sada. This amount had been held as part of Abdul’s bail condition, as per a ruling issued on January 31, 2020. The release of these funds followed the conclusion of the trial.

This ruling came shortly after the court had, on March 5, 2025, discharged and acquitted both Mr. Azubuike Ishiekwene, Chairman of Cleanserve, and Mr. Olalekan Abdul, its Managing Director/CEO, of charges related to fraud and forgery. The charges had been brought by a nominal complainant, Mr. Chris Ndulue, who had claimed to be a director of a private company. However, Ndulue was not listed in the company’s file with the Corporate Affairs Commission and had no valid proxy.

The EFCC had initially arraigned Ishiekwene and Abdul on 26 counts, which included conspiracy, forgery, possession of fraudulent documents, stealing, and making false documents. The charges were brought at the behest of Ndulue, but both defendants pleaded not guilty.

The trial, which began five years ago, saw nine witnesses called by the prosecution, while the defence presented four witnesses. During the trial, prominent legal figures represented the defendants, with Mr. Adeyinka Olumide-Fusika (SAN) for Abdul and Dr. Muiz Banire (SAN) for Ishiekwene.

One notable aspect of the case involved an application challenging the EFCC’s handling of the matter. The defence argued that an EFCC operative had sought a bribe in 2019 to dismiss the case, as the facts indicated that Ndulue had no valid claim. This bribe demand was reported to the EFCC, prompting a sting operation in which the corrupt operative was apprehended. However, when the then-EFCC Chairman, Mr. Ibrahim Magu, became aware of the incident, he dismissed the matter, redeployed the operative, and refocused the case against the defendants who had reported the bribe.

Following a review of the case, the Attorney-General of Lagos State, Mr. Lawal Pedro (SAN), took over the matter and ultimately led to the conclusion of the trial.