The Economic and Financial Crimes Commission (EFCC) has arraigned an auto dealer, Tunji Adewumi Adepoju, and his company, West Quantum Auto Products Ltd, over an alleged N53 million fraud in Lagos.
Adepoju was brought before Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja on Wednesday, February 18, 2026.
According to the EFCC, the defendant and his company face a two-count charge bordering on conspiracy and stealing. The anti-graft agency alleged that Adepoju dishonestly converted proceeds from the sale of eight cars belonging to Mr Idowu Raji, valued at N53,000,000, to personal use.
The commission said the alleged offence contravenes Sections 41(1), 280(4) and 281 of the Criminal Law of Lagos State, 2011.
One of the charges stated that Adepoju, while serving as Managing Director and Chief Executive Officer of West Quantum Auto Products Ltd in February 2022, conspired with the company to steal N53 million belonging to Raji.
The second count alleged that he dishonestly converted the proceeds from the sale of the eight vehicles to his own use.
The defendant pleaded not guilty to the charges.
Following his plea, prosecuting counsel, Catherine Arinola Ati-John, asked the court to fix a date for trial and requested that the defendant be remanded in a correctional facility.
However, defence counsel, Ndubusi Oraemyem, informed the court that a bail application had been filed and sought a short adjournment to move the application.
Justice Okunuga adjourned the matter until March 2, 2026, for the commencement of trial and ordered that Adepoju be remanded at the Ikoyi Correctional Centre.
The EFCC N53m fraud case is expected to resume with arguments on the bail application and further proceedings.
