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Olajide Kareem, aka Seun Egbegbe, a Nollywood producer, has been released after being imprisoned for three years and six months.

The filmmaker was imprisoned on February 10, 2017, for allegedly obtaining money by deception from no less than 40 bureaus de change operators in various parts of Lagos between 2015 and 2017.

Egbegbe was accused of defrauding the BDC operators by claiming to have naira to exchange for foreign currencies and vice versa.

He was arrested and charged with a series of frauds totaling N39,098,100, $90,000, and £12,550.

On February 10, 2017, Egbegbe and one Oyekan Ayomide were arraigned before Justice Oluremi Oguntoyinbo on 36 counts of advance fee fraud.

The charge sheet was later amended twice, with the number of defendants increased to 40 and three new defendants added – Lawal Kareem, Olalekan Yusuf, and Muyideen Shoyombo.

Innocent Anyigor, the prosecuting counsel for the police, stated that Egbegbe and the other defendants violated Section 8 of the Advance Fee Fraud and Other Related Offences Act 2006 and were liable to be punished under Section 1(3) of the same Act.

Egbegbe was released yesterday, October 11, 2022.

Justice Oluremi Oguntoyinbo ruled that 43 of the 44 Count charges were thrown out due to a lack of witnesses to back up their claims.

On Counts 4, 19, and 21, the Judge also stated that the prosecuting team failed to produce evidence to be supported by witnesses.

Concerning allegations that police tampered with money recovered from suspects, Justice Oguntoyinbo ruled that all money recovered from Egbegbe as evidence should be returned to him.

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