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Lagos tank builder lands in prison over alleged N9.3m fraud

Published on March 29, 2025 at 04:09 PM

A 63-year-old tank fabricator, Ganiyu Folorunsho Yinusa, has been remanded in prison after allegedly defrauding the Managing Director of F&I Oil and Gas Limited, Mr. Obilo Canice, of N9.3 million under false pretences.

Yinusa was arrested by operatives of Zone 2 Command, Lagos, after allegedly collecting payment to construct an underground cooking gas tank but failing to deliver on the contract. After receiving the money, he reportedly disappeared, switched off his phones, and cut all communication with Canice.

After more than a year without any progress on the project, the frustrated oil executive petitioned the Assistant Inspector General of Police (AIG) in charge of Zone 2, Adegoke Fayoade. This led to an investigation spearheaded by ASP Francis Achua, resulting in Yinusa’s arrest.

He was subsequently arraigned before the Igbosere Magistrate’s Court, sitting at Tinubu, where he faced charges of obtaining money under false pretences and stealing. Prosecuting Counsel DSP Francis Igbinosa told the court that the alleged offence occurred on November 28, 2023, at Ago Palace Way, Okota, Lagos.

According to Igbinosa, Yinusa’s actions violated Sections 314 and 287 of the Lagos State Criminal Law, 2015. The accused pleaded not guilty, and Chief Magistrate O.O. Olatunji granted him bail at N2 million with two sureties in like sum.

However, Yinusa was remanded at the Ikoyi Correctional Facility pending the fulfilment of his bail conditions. The case has been adjourned to April 3, 2025, for further proceedings.