Alleged N12m fraud: Rugby Association boss remanded pending N10m bail

The Federal High Court sitting in Lagos has remanded the Chairman of the Lagos State Rugby Association, Steven Olarinde, in Nigeria Correctional Services (NCoS) custody pending the fulfilment of his bail terms.

Justice Ringim granted Mr. Olarinde, 55, bail in the sum of N10million after hearing his second bail application in connection with an alleged N12million fraud charge.

The judge also required the defendant to produce two sureties in the like sum, the first of whom must be resident in Lagos, while the second must be a landed property owner within Lagos, and both of whom most tender six-month bank statements.

He further directed the defendant to deposit his international passport with the court
Olarinde, 55, was arraigned in March by the Inspector-General of Police (IGP).
He pleaded “not guilty” to a two-count charge marked FHC/L/104C/2022 and dated February 8, 2022.

The charge contained allegations that Olarinde and accomplices – said to be at large – obtained the N12m by “false pretence” from and “with intent to defraud” Sthenic Capital Management Limited in February.

It reads: “That you Stephen William Olarinde ‘m’ and others now at-large on or about sometime in February 2021 at Lagos did aid, abet and counsel each other to commit felony to wit; obtaining money by false pretence and thereby committed an offence punishable under section 8 (a) of the Advance Fee Fraud and Other Related Offences Act 2006.

“That you Stephen William Olarinde ‘m’ and others now at large that between 18th and 21st February 2021 in Lagos did with intent to defraud obtain the sum of N12million only from Sthenic Capital Management Limited, that the said sum shall be a collateral loan for both you and Sthenic Capital Management Limited a representation you knew to be false and thereby committed an offence punishable under section 1(I) 2 of the Advance Fee Fraud and Other Related Offences Act 2006.
Following Olarinde’s plea, the court heard and rejected his bail application.

The defendant filed another bail application and the court adjourned till April 6 to hear same.
After granting the defendant bail, the court adjourned till October 11, 2022 for trial.