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.
“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.”