Folorunsho was arraigned on a three-count charge bordering on obtaining money by false pretence, conspiracy to obtain money by pretence, and stealing.
She was arraigned alongside three accomplices who are still at large.
The EFCC counsel, Nanbam Mutfwang, told the court that the defendant, with others now at large, fraudulently obtained $700,000 from Mrs. Osolake Ayodele in 2023 by falsely presenting herself as a foreign exchange broker.
She allegedly claimed she could convert the dollars to naira, an assertion the prosecution said she knew to be false.
The defendant was also accused of dishonestly converting N190 million belonging to the complainant for her personal use in October 2021.
According to the EFCC, the alleged offences contravene Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act and Section 285(1) of the Criminal Laws of Lagos State, 2011.
Folorunsho denied the allegation, pleaded not guilty to all three-count charge.
Following her plea, her counsel, Mr. Shina Makinde, moved a motion for bail, urging the court to grant it on liberal terms. He argued that his client is a reputable businesswoman who employs over 100 staff and has consistently complied with the administrative bail earlier granted by the EFCC.
“My Lord, the defendant is ready to face trial and has no intention of jumping bail,” Makinde submitted.
The prosecution did not oppose the bail application, leaving it at the court’s discretion.
In her ruling, Justice Olubunmi Abike-Fadipe granted bail to the defendant in the sum of N50 million, with two sureties in like sum.
She ordered that the bail conditions must be perfected within two weeks, failing which the defendant would be remanded in custody and the trial would be adjourned to October 9, 2025.
