From Taiye Joseph, Ilorin
A businessman, Taiwo Sunday, has been arraigned by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), over an alleged N123 million fraud linked to a failed motorcycle supply deal.
Sunday was docked on Tuesday, May 4, 2026, before Justice Kareem Adedokun of the Oyo State High Court, sitting in Ibadan on a two-count charge bordering on stealing.
According to the EFCC, the case stemmed from a petition filed by one Oluwarotimi John, who accused the defendant of obtaining huge sums under the pretext of supplying motorcycles.
The anti-graft agency told the court that the defendant allegedly approached the complainant in April 2024 with claims of having exclusive dealership arrangements with major motorcycle distributors in Lagos and parts of northern Nigeria.
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Based on the assurances, the complainant reportedly paid a total of N123,050,000 into the account of the defendant’s company, Yemsund Enterprise, for the supply of the motorcycles. However, the EFCC said the motorcycles were never delivered and the funds were not refunded.
One of the charges revealed that Sunday allegedly converted N62.4 million meant for the supply of 20 units of TVS Neo Boxer Bajaj motorcycles and 50 units of TVS HXL motorcycles to personal use.
In a similar count, he was accused of diverting another N62.6 million paid for the supply of 64 units of Boxer Bajaj motorcycles.
The offences, according to the prosecution, contravene Section 390 of the Criminal Code Law of Oyo State, 2000.
When the charges were read, the defendant pleaded not guilty.
Prosecuting counsel, Abiddeen Aliyu, urged the court to set a trial date to allow the EFCC prove its case, while defence counsel, Shola Peter, appealed for bail on behalf of his client.
Ruling on the application, Justice Adedokun granted the defendant bail in the sum of N2 million with two sureties in like sum. He ruled that the sureties must own landed property within Ibadan and ordered the defendant to deposit his international passport with the court.
The case has been adjourned to June 17, 2026, for the commencement of trial.
