Court remands ex-Ondo PDP chairman‎, Faboyede, in prison custody for an alleged of N500m fraud

The Economic and Financial Crimes on Friday arraigned a former Chairman of the Ondo State Peoples Democratic Party, Clement Faboyede , for an alleged fraud of N 500m.

Faboyede was arraigned alongside Modupe Adetokunbo before the Federal High Court in Lagos .
The three charges pressed against them border on conspiracy and money laundering.
The EFCC claimed that in the charges that Faboyede and Adetokunbo received a cash sum of N 500m from one Owolanke Michael in the build-up to the 2015 general election.

Faboyede was accused of making N 500m cash payment to the Ondo State Election Committee of the PDP.
The prosecuting counsel for the EFCC, Ekene Iheanacho , said the defendants committed the offence on March 27, 2015, adding that they acted contrary to Section 18 of the Money Laundering ( Prohibition) Act , 2011 and are liable to punishment under Section 16( 2) of the same Act.

But upon their arraignment on Friday before Justice Saliu Saidu, Faboyede and Adetokunbo pleaded not guilty .
The judge, while adjourning the case till September 17, 2018, ordered that the defendants should be remanded in the prison custody.