Court Strikes Out Criminal Charge Against Excampo Nigeria CEO
Justice Akintayo Aluko of the Federal High Court, Lagos Division, has struck out a one‑count criminal charge of stealing filed against businessman Sikiru Olawale Olayinka, Chief Executive Officer of Excampo Nigeria Limited, and his company. The court held that the prosecution failed to diligently pursue the matter.
Olayinka and Excampo Nigeria Limited were arraigned by the Police Special Fraud Unit (SFU) in June 2022.
They were accused of unlawfully converting $123,000, allegedly transferred in error into the company’s Zenith Bank account, into ₦45 million.
The prosecution claimed the alleged offence contravened Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended in 2012).
Olayinka pleaded not guilty and consistently attended all court sittings.
Counsel to the defendant, Adegboyega Erinle, urged the court to dismiss the charge, noting that the prosecution had failed to call any of its nine listed witnesses despite several adjournments and his client had demonstrated good faith by refunding a substantial portion of the disputed funds during settlement discussions with the nominal complainant.
The prosecutor requested another adjournment, explaining that several witnesses had left the bank branch where the transaction occurred, making it difficult to proceed.
Justice Aluko, after reviewing the case file, rejected the request for further adjournment. He held that the prosecution’s repeated failure to present witnesses amounted to lack of diligent prosecution.
Accordingly, the judge struck out the charge and discharged Olayinka and his company of the allegations.
