Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Taiwo Sunday, before the Oyo State High Court in Ibadan over an alleged N123 million fraud linked to a phantom motorcycle supply deal. Sunday, who trades under the name Yemsund Enterprise, was brought before Justice Kareem Adedokun on Tuesday, May 4, 2026, on a two-count charge bordering on stealing, an offence contrary to and punishable under Section 390 of the Criminal Code Law of Oyo State, 2000.
The case, which has drawn attention across business circles, began in April 2024 when Sunday approached the complainant, Oluwarotimi John, with what appeared to be a lucrative offer. According to the EFCC, Sunday claimed to have exclusive dealership arrangements with major motorcycle distributors in Lagos and parts of northern Nigeria. He presented himself as a well-connected businessman capable of delivering a large consignment of motorcycles at competitive prices. Impressed by Sunday's confidence and his claimed access to exclusive supply chains, John agreed to invest heavily in the deal.
Between May and July 2024, John paid a staggering total of N123,050,000 into two separate bank accounts linked to Yemsund Enterprise. The first account, number 0159405441 domiciled with Union Bank, received N62,400,000 meant for the supply of 20 units of TVS Neo Boxer Bajaj motorcycles and 50 units of TVS HXL motorcycles. The second account, number 0012194223 domiciled with Jaiz Bank, received N62,609,000 meant for the supply of 64 units of Boxer Bajaj motorcycles. In total, Sunday was supposed to supply 134 motorcycles. He supplied none.
The EFCC's investigation uncovered that Sunday not only failed to deliver a single motorcycle but also allegedly converted the funds to his own use. Count one of the charge reads: “Taiwo Sunday (trading under the name and style of Yemsund Enterprise), sometime between the 3rd and 5th of May, 2024, with intent to permanently deprive the owner, converted to his own use the sum of N62,400,000.00, being property of Oluwarotimi John, paid into Yemsund Enterprise’s account number 0159405441 domiciled with Union Bank, being money meant for the supply of 20 units of TVS Neo Boxer Bajaj motorcycles and 50 units of TVS HXL motorcycles.” Count two of the charge mirrors the same offence, this time involving N62,609,000 paid into the Jaiz Bank account for the supply of 64 units of Boxer Bajaj motorcycles.
When the charges were read to him in court, Sunday pleaded not guilty. Following his plea, prosecution counsel Abiddeen Aliyu urged the court to fix a date for trial to enable the prosecution prove its case. However, defence counsel Shola Peter prayed the court to admit the defendant to bail pending trial. Justice Adedokun granted bail in the sum of N2 million with two sureties in like sum. The judge ordered that each surety must own landed property within Ibadan, and that the defendant must deposit his international passport with the court registry. The case was adjourned to June 17, 2026, for the commencement of trial.
The case is significant not only for the amount involved but for the growing pattern of fraud embedded in seemingly legitimate business proposals. Motorcycle supply deals, particularly those involving TVS, Bajaj, and Boxer brands, are common in Nigeria where motorcycles are used extensively for commercial transport. The EFCC's Ilorin Zonal Directorate has been at the forefront of investigating such fraud, particularly where complainants are lured by claims of exclusive dealership arrangements. The agency has warned that fraudsters often use the promise of access to high-demand goods to extract large sums from unsuspecting investors, only to vanish with the funds. In Sunday's case, the funds were allegedly diverted for personal use, though the specifics of how the money was spent remain under investigation.
Sunday's arraignment follows a pattern of similar cases prosecuted by the EFCC in recent years. In 2024, a businessman, Peter Otomewu, and his company, Pebeto Enerji Limited, were arraigned before the Ikeja Special Offences Court for allegedly defrauding a petroleum services firm of $75,000. In 2022, the EFCC secured the conviction of a businessman who defrauded a petitioner of N9 million under the guise of supplying Bajaj motorcycles. These cases highlight the vulnerability of investors who, in their eagerness to secure large contracts, sometimes bypass standard due diligence.
For Oluwarotimi John, the complainant, the ordeal has been a costly lesson. He is currently pursuing the case through the courts, hoping to recover his N123 million. The EFCC has assured the public that it will continue to pursue fraudsters who use deceptive business proposals to fleece unsuspecting citizens. The case also serves as a warning to anyone tempted by offers that seem too good to be true: verify claims, verify dealerships, and never part with large sums without ironclad guarantees.
As the trial date approaches, Sunday remains out on bail, but his passport is forfeited to the court. If convicted on both counts, he faces imprisonment under the Criminal Code Law of Oyo State. The EFCC is expected to present evidence in court linking Sunday to the diversion of funds. The investigation has already established that the dealership arrangements he claimed to have did not exist, and the funds were never used for any legitimate business purpose. The case will be watched closely by the business community, which has seen a rise in fraud involving supply contracts.
The prosecution's case begins on June 17, 2026. For now, Taiwo Sunday is presumed innocent until proven guilty. But the weight of the evidence, and the absence of a single motorcycle, suggests that Yemsund Enterprise may be facing its final ride.
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