Olalekan Akinola charged with N2.74 million loan fraud in Abeokuta

Olalekan Akinola, a 40-year-old man with no fixed address, appeared before an Abeokuta Magistrates’ Court for allegedly defrauding two individuals of N2.74 million through fraudulent loans.

Akinola is charged with two counts of obtaining loans by fraud. Prosecutors allege that between March and May 2024, the defendant used the Integrated Personnel and Payroll Information System (IPPIS) numbers and other personal data of the victims to secure loans from various financial institutions.

One victim, Abule Ajatobou, allegedly suffered a total debt liability of N4.30 million, including interest, after Akinola used his data to secure N2.22 million in loans. A second victim, Abu Peter, was allegedly used to obtain a loan of N529,275 from Trust Microfinance Bank, resulting in a debt liability of N800,288.

The prosecution stated that Akinola initially approached the complainants under the guise of assisting them in securing bank loans, during which he collected their IPPIS numbers, Bank Verification Numbers, and National Identity Numbers. He then allegedly used this information to obtain additional loans without their consent. Akinola has pleaded not guilty to the charges.