Former Oyo State Commissioner for Trade, Investment and Corporative, Kazeem Adedeji has been remanded in prison by the Federal High Court sitting in Lagos State, CEOAFRICA.com gathered.

Kazeem Adedeji is standing trial alongside Yinka Fatoki and Kolawole Adewole on a six-count charge which include fraud and conspiracy.

The prosecutor told the court that the accused committed the offence between July 2012 and June 2013. He said that sometime in 2012, while Adedeji was still Commissioner, the Oyo State Government entered into partnership agreement with Bank of Industry, known as OYSG/B.O.I Fund, to create a pool from which indigenous entrepreneurs could access credit facilities.

He said the parties had made a contribution of N500,000,000 each, which amounted to N1 billion joint contribution, as the joint venture was aimed at promoting Micro and Medium business in Oyo State.

According to the prosecutor, Adedeji lodged the said contributions into Enterprise Bank, where his wife allegedly worked as account officer, without the consent and approval of the Oyo State Government.

He told the court that the accused then conspired to obtain over N77 million, which they allocated to Josh-Tolani Ventures, Tembenatil Ventures, Ojoo God’s Grace Cooperative Society, Agric Preserve Company Ltd, and Adis Steel Work Ltd.

However, upon investigation at the Cooperate Affairs Commission, CAC, it was discovered that none of these companies existed.

The offence is said to contravene the provisions of sections 1(1), 1(3) (a) and 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, Cap A6, Laws of the Federation, 2004.

While hearing the matter, Justice Chukwujekwu Aneke, ordered that they should be remanded in prison, pending October 8 when the bail hearing would commence.