Olajide Kareem, better known by his stage name Seun Egbegebe, was released from prison after spending three years and six months there.
The Nollywood producer and director was remanded in custody on February 10, 2017, for allegedly defrauding at least 40 Bureaus De Change, or BDC, operators in various areas of Lagos to obtain money.
He was accused of trying to defraud the BDC operators by saying he had foreign currency to exchange for naira and the other way around.
Egbegebe was accused of defrauding various parties out of N39,098,100, $90,000, and £12,550.
On February 10, 2017, before Justice Oluremi Oguntoyinbo, Seun Egbegbe and another person by the name of Oyekan Ayomide were initially charged with 36 counts of alleged advance fee fraud.
Later joining the two were Lawal Kareem, Olalekan Yusuf, and Muyideen Shoyombo on a 49-count accusation.
However, on October 11, a Federal High Court in Ikoyi, Lagos, freed Egbegbe after finding him guilty of just one of the 44 charges levelled against him.
Due to a lack of witnesses to back up their claims, 43 of the 44 count charges, according to Justice Oluremi Oguntoyinbo, were dropped.
She also bemoaned the prosecution’s failure to fulfil its obligation to present witnesses and evidence in support of Counts 4, 19, and 21.
Justice Oguntoyinbo also decided that all of the money taken from Egbegbe as evidence should be returned to him, noting that the police tampered with the money taken from the suspects.