He was arrested and arraigned by the Economic and Financial Crimes Commission on one count charge of fraud, for obtaining the said money by false pretence.
Olagbegi was docked on Tuesday before Justice Uche Agomoh of the Federal High Court one sitting in Ibadan.
Olagbegi who resides at Bodija, allegedly collected the sum from the complainant on the pretext of trading in forex.
According to the charge, the prince on or about 4th of March, 2021, obtained N35 million from Julius Olorunsogo Alase, a businessman.
Olagbegi collected the money on behalf of Lusan Royal Trading by false pretending it was part payment of the cost of an inflow of $1 million
that he claimed to have secured for him.
The defendant pleaded ‘not guilty’ when the charge was read to him.
Justice Agomoh thereafter ordered the remand of the defendant in the Nigerian Correctional Centre, Agodi.
He adjourned the case till 25 October 2021 for hearing of the bail application and November 15, 2021 for commencement of trial.
