Ayo Akinola, the disengaged former Chief Executive Officer of OSUN DEFENDER Newspaper, has been remanded in Correctional Centre.
Akinola was arraigned before Justice Emmanuel Ayoola of the Osogbo Federal High Court 1, on Tuesday, for allegedly defrauding Moremi Publishing House Limited, publishers of OSUN DEFENDER Newspaper, a sum of N25 million.
He was also accused of stealing the N25million, which he fraudulently obtained from the Ministry of Local Government, State of Osun, by falsely presenting himself as representative of the company.
The accused person pleaded not guilty to the charges and was admitted to bail in the sum of N5million with a surety.
The surety, according to Justice Ayoola, must deposit a sum of N500,000 to the court in cash.
But Akinola was unable to perfect his bail condition, which made the court to remand him in Correctional Centre.
Akinola had earlier failed to appear in court on two different occasions.
The Police prosecutor, J.O. Famuyi, had at a time told the court that Akinola was at the isolation centre, battling with Coronavirus and as a result, he could not come to court, even when there was no medical record to buttress his claim.
The case was adjourned till November 9, 2021 for hearing.
It would be recalled that Akinola was separated from OSUN DEFENDER on December 10, 2019, having been found guilty of economic sabotage, after he diverted the sum of N25m meant for the company to his own personal account.