EFCC Arraigns Man, Company for Alleged N53m Fraud in Lagos

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 1 , on Wednesday, February 18, 2026, arraigned Tunji Adewumi Adepoju and his company, West Quantum Auto Products Ltd, before Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja, Lagos, over an alleged N53,000,000 fraud.

Adepoju and his company were arraigned on a two-count charge bordering on conspiracy and stealing. The charge alleges that the defendant dishonestly stole the proceeds from the sale of eight cars belonging to Mr. Idowu Raji, valued at N53,000,000, by converting the funds to personal use, contrary to Sections 41(1), 280(4), and 281 of the Criminal Law of Lagos State, 2011.

Count one reads:”Tunji Adewumi Adepoju while being the MD/CEO of West QuantumAuto Products Ltd sometime in February 2022 in Lagos State, within the jurisdiction of this Honourable court, with intent to defraud did conspire with the said company to steal the sum of Fifty Three Million Naira (N53,000,000.00) property of Mr. ldowu Raji”. Count two reads:” Tunji Adewumi Adepoju while being the MD/CEO of West Quanturn Auto Products Ltd sometimes in February 2022 in Lagos State, within the jurisdiction of this Honourable court, dishonestly stole theproceeds of the sale of 8 cars, property of Mr. Idowu Raji worth a total of Fifty Three Million Naira (N53,000,000.00) by converting the same to your own use”. Following the plea, prosecuting counsel, Catherine Arinola Ati-John, urged the court to fix a date for the commencement of trial and prayed that the defendant be remanded in a correctional facility.

However, defence counsel, Ndubusi Oraemyem, informed the court that he had filed a bail application and requested a short adjournment to move the application.

Justice Okunuga adjourned the matter until March 2, 2026, for trial and ordered that the defendant be remanded at the Ikoyi Correctional Centre.