The Economic and Financial Crimes Commission (EFCC) has hauled a Lagos businessman and his firm before the temple of justice over an alleged N53 million fraud involving the sale of luxury vehicles.
Tunji Adewumi Adepoju, the Managing Director of West Quantum Auto Products Ltd, appeared before Justice O. A. Okunuga at the Lagos State High Court in Ikeja on Wednesday, February 18, 2026. Both Adepoju and his company face a two-count charge centered on conspiracy and stealing.
The Allegations
The prosecution, led by Catherine Arinola Ati-John, alleges that in February 2022, Adepoju and his company conspired to defraud one Mr. Idowu Raji. According to the charge sheet, the defendant was entrusted with the sale of eight vehicles belonging to Raji.
However, rather than remitting the proceeds, Adepoju allegedly converted the N53,000,000 realized from the sales to his personal use. This action is cited as a direct violation of Sections 41(1), 280(4), and 281 of the Criminal Law of Lagos State, 2011.
One of the counts specifically states:
”Tunji Adewumi Adepoju… 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. Idowu Raji.”
Court Proceedings
Upon the reading of the charges, the defendant entered a plea. Following the plea, the EFCC counsel requested the court to set a definitive trial date and ordered the defendant to be remanded in a correctional facility pending the determination of the case.
In response, defense counsel Ndubusi Oraemyem informed the court that a bail application had already been filed. He sought a brief adjournment to allow for the hearing and processing of the application.
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
Remand and Next Steps
Justice Okunuga has adjourned the proceedings until March 2, 2026, for the commencement of the trial. In the interim, the judge ordered that Adepoju be remanded at the Ikoyi Correctional Centre.
The case adds to the growing list of high-profile “conversion of funds” matters being prosecuted by the EFCC’s Lagos Zonal Directorate as it intensifies its crackdown on commercial fraud in the nation’s economic hub.