Lagos High Court adjourns the arraignment of businessman Michael Abiodun Ponle over alleged $20 million fraud to April 13, 2026

A Lagos State High Court sitting in Ikeja has adjourned the arraignment of Lagos-based businessman Michael Abiodun Ponle and his company, Origin Oil and Gas Limited, over an alleged $20 million fraud to April 13, 2026.

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Ponle and Origin Oil and Gas Limited face a three-count charge filed by the Economic and Financial Crimes Commission, including obtaining money by false pretence, possession of false documents, and forgery.

When the matter came before the court on Wednesday, EFCC counsel stated that the charge had been filed and requested it be read to allow the defendants to take their plea.

However, counsel to the second defendant, Victor Okpara, SAN, sought an adjournment, citing non-compliance with Section 252(6) of the Administration of Criminal Justice Act, which requires that corporate defendants be served the charge at least three days before arraignment.

He also requested time for mediation ahead of the next hearing.

Counsel to Ponle, Olalekan Ojo, SAN, supported the adjournment, noting that the nominal complainant—the first defendant’s father—died on December 14, 2025.

Ojo said the deceased had accused his son of forging his signature and expressed hope for an amicable resolution within the family. The EFCC did not oppose the request, leading the court to adjourn the arraignment.

According to the charge, Ponle and his company allegedly induced a commercial bank in 2012 to grant a $20 million credit facility to Origin Oil and Gas Limited by presenting a document titled “Legal Mortgage of Account of a Third Party between Miccom Cables & Wires Ltd and the Bank” as genuine security.

The prosecution contends the document was forged and falsely presented as authentic.

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One of the counts also accuses the defendants of forging a “Legal Mortgage to Secure Account of a Third Party” dated September 18, 2012, in relation to a property at Plot 19, Zone E, Federal Government Layout, Banana Island Foreshore Estate, Ikoyi, Lagos.