Olaniyan was docked before Justice Uche Agomoh of the Federal High Court in Ibadan, Oyo State, on a 35-count charge.
The offence was contrary to section 58 and punishable under section 59 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation Nigeria, 2004. This was after claiming that the money was meant for registration, investment and will yield 30% profit.
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