EFCC Drags Auto CEO to Court Over N53m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Tunji Adewumi Adepoju and his company, West Quantum Auto Products Ltd, before the Lagos State High Court over an alleged N53 million fraud involving the sale of eight vehicles.

Adepoju and the company were docked on Wednesday, February 18, 2026, before Justice O. A. Okunuga sitting in Ikeja, Lagos, on a two-count charge bordering on conspiracy and stealing.

According to the anti-graft agency, Adepoju, while serving as Managing Director/Chief Executive Officer of West Quantum Auto Products Ltd, allegedly conspired with the company in February 2022 to dishonestly convert proceeds from the sale of eight cars belonging to Mr. Idowu Raji to personal use. The EFCC said the vehicles were valued at N53,000,000.

The prosecution told the court that the defendants’ actions contravened Sections 41(1), 280(4), and 281 of the Criminal Law of Lagos State, 2011.

One of the counts alleges that Adepoju, with intent to defraud, conspired with the company to steal the sum of N53 million, property of Mr. Raji. The second count accuses him of dishonestly stealing the proceeds from the sale of the eight vehicles by converting the funds for personal use.

The defendant pleaded not guilty to the charges.

Following the plea, prosecuting counsel, Catherine Arinola Ati-John, urged the court to fix a date for trial and requested that the defendant be remanded in a correctional facility pending proceedings.

In response, defence counsel, Ndubusi Oraemyem, informed the court that a bail application had already been filed and sought a short adjournment to move the application.

Justice Okunuga subsequently adjourned the matter to March 2, 2026, for the commencement of trial and ordered that the defendant be remanded at the Ikoyi Correctional Centre.

The case marks another move by the EFCC to intensify its crackdown on alleged financial crimes in the commercial hub of Lagos.