Samuel, who lives in Ibeche, Ikorodu, is facing trial after police said the N211 million investment turned out to be false and the money was allegedly diverted.
He was arraigned on Wednesday before Magistrate Mrs. O. Kusanu at the Ogba Magistrate’s Court on a three-count charge marked Charge No MIK/X/37/2026 filed by the Commissioner of Police, Lagos State Command.
How Police Linked Alaba To N211m Online Trading Fraud In Ibeche
According to the charge sheet, the incident allegedly happened on the 10th of April, 2026 at about 2:00pm at Ibeche in Ikorodu, within the Lagos Magisterial District.
Prosecutor SP Philip Adegbemuji told the court that Samuel allegedly conspired with others now at large to commit felony to wit, stealing, contrary to Section 411 of the Criminal Law of Lagos State, 2015.
In Count Two, the prosecution alleged that Samuel with intent to defraud, obtained the sum of N211,000,000 from one Bisi Alade Issa on the pretence of investing in online trading activity, a representation known to be false.
The offence is contrary to Section 280 and punishable under Section 314 (a) (b) of the Criminal Law of Lagos State, 2015.
In Count Three, the prosecution alleged that Samuel stole the sum of N211,000,000 property of Bisi Alade Issa, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The case was investigated by ASP Roland Oderinde of Command Special Squad II and referred to the Directorate of Public Prosecutions (DPP) for legal advice.
The complainant in the matter is Bisi Alade Issa, who allegedly lost N211 million in the failed online investment.
Court Grants Bail, Remands In Kirikiri
When the charges were read, Samuel pleaded not guilty to the three-count charge of conspiracy, obtaining by false pretence and stealing.
SP Adegbemuji did not oppose bail but asked the court to impose stringent conditions to ensure his attendance at trial.
In her ruling, Magistrate Mrs. O. Kusanu granted bail with two sureties who must show evidence of means of livelihood and present tax payment.
Pending perfection of his bail conditions, the court ordered that Alaba Samuel be remanded at the Correctional Center, Kirikiri Town, Lagos.
The matter was adjourned for mention and trial.
Police Warn As Many Fall Victims To Fake Online Trading In Lagos
The Lagos State Police Command warned residents to be wary of online businesses promising quick and unrealistic profits and to verify investment platforms with the Securities and Exchange Commission (SEC) and their banks before paying money.
The Command said many victims have fallen prey to similar schemes where suspects use fake dashboards, WhatsApp groups and cloned trading apps to show fake profits to lure victims to invest more.
“We have received several complaints from Ikorodu, Ikeja and Alimosho about online trading fraud. People should not invest their life savings based on social media adverts or referral from friends. If it is too good to be true, it is likely a scam,” a police source said.
Police said operatives of Command Special Squad II are on the trail of other suspects at large who were mentioned in connection with the N211 million theft and urged victims of similar scams to report at the nearest police station.
The file has been duplicated and sent to the Lagos State Ministry of Justice for legal advice.
Alaba Samuel is presumed innocent until proven guilty by a court of competent jurisdiction.
As at the time of filing this report, he remains in custody at Kirikiri Correctional Center pending perfection of his bail conditions.