EFCC Arraigns Lagos Businessman and Company Over N53 Million Fraud

EFCC Arraigns Lagos Businessman and Company Over N53 Million Fraud

The Economic and Financial Crime Commission (EFCC), Lagos Zonal Directorate 1, has arraigned Tunji Adewumi Adepoju and his company, West Quantum Auto Products Ltd, over allegations of defrauding a Lagos resident of N53 million. The arraignment took place on Wednesday, February 18, 2026, before Justice O. A. Okunuga at the Lagos State High Court, Ikeja.

The EFCC charged Adepoju and his company on two counts relating to conspiracy and stealing. The prosecution alleges that in February 2022, Adepoju, while serving as Managing Director and CEO of West Quantum Auto Products Ltd, conspired to steal the proceeds from the sale of eight cars belonging to Mr. Idowu Raji, valued at N53 million, and converted the funds for personal use.

The two-count charge reads as follows:

Count One: Adepoju allegedly conspired with his company to defraud and steal N53,000,000 belonging to Mr. Raji.

Count Two: Adepoju is accused of dishonestly converting the proceeds from the sale of eight vehicles for his personal use.

These actions, according to the EFCC, contravene Sections 41(1), 280(4), and 281 of the Criminal Law of Lagos State, 2011. During the hearing, the prosecution counsel, Catherine Arinola Ati-John, requested that the court fix a date for trial and sought the remand of the defendant in a correctional facility.

In response, the defence counsel, Ndubusi Oraemyem, informed the court that he had filed a bail application on behalf of Adepoju and requested a brief adjournment to move the application.

Justice Okunuga subsequently adjourned the matter to March 2, 2026, for trial and ordered that Adepoju be remanded at the Ikoyi Correctional Centre pending the outcome of the proceedings.   

      You can also read: 

https://everydaystorynetwork.blogspot.com/2026/02/efcc-arraigns-gidado-ibrahim-over.html 

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The EFCC’s action underscores the commission’s continued vigilance against fraudulent schemes and corporate misconduct in Lagos State. Cases involving the conversion of client funds, especially in the auto sales sector, have become a growing concern, highlighting the need for transparency and accountability in business transactions.

The case also serves as a reminder to Nigerians to exercise caution in business dealings and ensure proper verification and documentation when engaging with companies and individuals handling large sums of money.