The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two companies before Justice Olubusola Okunuga of the Lagos State High Court over allegations of fraudulently retaining funds totaling N47.9 million and $300,000.

The companies, JBA Advisory Ltd and Platform Capital Investment Partners Ltd, faced a two-count charge of dishonestly retaining stolen property belonging to Dargos Homes Investment Limited.

According to the charges presented in court, JBA Advisory Ltd allegedly retained N47.9 million in its Providus Bank account between August 4 and November 23, 2023. The second defendant, Platform Capital Investment Partners Ltd, was accused of dishonestly retaining $300,000 in its Zenith Bank domiciliary account on September 30, 2022.

JBA Advisory Ltd, represented in court by its Managing Director, Mr. Akintola Adesanmi-Ayodele, pleaded guilty to the charge. However, Platform Capital Investment Partners Ltd, represented by its Chief Operating Officer, Mr. Adesolabomi Adedeji, entered a not guilty plea.

Following the proceedings, EFCC prosecutor Ms. Hannatu Kofar-Naisa called an EFCC operative, Mr. Lawal Hamza, to testify and review the facts of the case against JBA Advisory Ltd. Several documents were tendered as evidence before the court.

The prosecutor also requested a trial date to continue the case against Platform Capital Investment Partners Ltd, which had pleaded not guilty.

The EFCC stated that the alleged offenses contravene Section 328 of the Criminal Law of Lagos State, 2015.

Justice Okunuga adjourned the case to June 17 for a report on the plea bargain sought by JBA Advisory Ltd and the commencement of trial for Platform Capital Investment Partners Ltd.