Two brothers, Oluwatobiloba Oyinloye, 27, and Michael Oyinloye, 29, on Tuesday, appeared before the Iyaganku Magistrates’ Court in Ibadan, over alleged N45 million fraud.
The two brothers were charged with conspiracy, obtaining money under false pretence and stealing, to which they pleaded not guilty.
The Prosecutor, Insp. Folaranmi Adeshina said that the defendants committed the offences in December 2025 at Dugbe area of Ibadan.
Adeshina said that the defendants obtained the sum of N45 million from one Adebayo Ogundiran by false pretext, claiming to trade in forex.
He said that Ogundiran reported to the police that the brothers promised to use the amount allegedly obtained from him to buy foreign exchange.
Ogundiran explained that the defendants were to trade in forex and remit the profits to the complainant.
He said the defendants failed to do so and rather converted the money to their personal use.
The prosecutor said that the offences contravened provisions of Sections 516, 419 and 390(9) of the Criminal Laws of Oyo State, 2000.
The Magistrate, Mrs Oluwabusayo Osho granted the defendants bail in the sum of N10 million each and with two sureties each in like sum.
Osho set the bail conditions among which was that one of the sureties must be a blood relation to the defendants.
She said that the other surety must be a director of a reputable company within the jurisdiction of the court.
The magistrate thereafter adjourned the case until March 29, 2027, for hearing. (NAN) .
