A Lagos High Court in Ikeja has adjourned to January 13, 2026, the trial of former RSMN Impex Company manager Fatai Adebayo Oladipo and two others, accused of defrauding the company of N1 billion.
The defendants, which include Adewale Adebayo and Olagunju Sodiq, face a three-count charge filed by the Police Special Fraud Unit.
They are alleged to have conspired between 2019 and 2024 to steal 8,000 cartons of Lude shoe polish, valued at N1 billion, from RSMN Impex Limited.
According to the charges, the trio laundered the proceeds for personal gain, reportedly using the funds to construct Olafat Hotel in Ilorin, Kwara State.
Other co-conspirators remain at large.
The case followed a petition by RSMN Impex Director, Manohar Tejwani, who discovered the missing stock after failing to reach Oladipo by phone.
A warehouse check on October 31, 2024, revealed the theft of the 8,000 cartons, prompting a formal report to the Special Fraud Unit.
The court adjourned the matter to allow preparations for the commencement of trial.
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