Two persons were on Wednesday arraigned before the Oyo State Magistrate’s Court in Iyaganku, Ibadan for two counts of conspiracy and stealing of money belonging to Obat Oil and Petroleum.

The accused persons, Mr. Akinolu Quadri and Toyese Badmus, were said to have mismanaged N18,361,500 being the rent collected on the company’s property at Gbagi market, Ibadan between October 2009 and May 2012.

The complainant, the Olugbo of Ugboland in Ilaje Local Government area of Ondo State, Oba Obateru Akinruntan, (owner of Obat Oil and Petroleum), alleged that the duo conspired to defraud him and his company.

The monarch, in case number MI/1048/2012, alleged that Quadri, who is the Managing Consultant of Roots Property, Ibadan, was appointed as a consultant to manage the company’s estate through a letter dated October 2, 2009.

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Kunle Ogunsanya, who represented the monarch, said, “The company wrote the consultant a letter dated October 14, 2009, directing him to pay the rent collected on all the shops into Equitorial Trust Bank account, Gbagi, Ibadan. Unknown to us the consultant had been mismanaging the rent collected with the connivance of Badmus, the Chairman of tenants association of the said property.

“The fraud was detected in May this year when the company chairman (the monarch) directed me to collect the bank’s statement to know the total rent collected.”

He said it was discovered that there was fraud on the rent.

According to him, although N14m was collected between October 2009 and December 2011, only N2.3m was deposited in the account.

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Obisanya said when investigated, Badmus (the second accused person) claimed that the consultant instructed him to collect rent from the tenants with an instruction that he should lodge 60per cent of the rent to the bank (with the remaining 40per cent paid to Quadri).

The accused persons, however, asked the court to restrain Obateru from inviting the media to cover the proceedings on the grounds that they were intimidated by their presence.


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