Real estate businessman Olumide Aderinokun is stuck in jail over his inability to meet his bail terms.

Aderinokun, who is married to TV host Stephanie Coker, was arraigned last week for alleged conspiracy, forgery, stealing and property fraud on parcels of land in Lekki Peninsula.

Aderinokun, who is a brother of late founder of Guaranty Trust Bank (GTB) Tayo Aderinokun, was reportedly arraigned separately on an eight-count charge bordering on the offence before Chief Magistrate Olufolake Oshin, and alongside Abdul-Wakil on another eight-count charge before the same court.

He was alleged to have conspired with others now at large sometime in February 2016 to commit felony to wit stealing, forgery and obtaining money under false pretense while trading  under the name and style of Davade Properties,

According to the charge, Aderinokun criminally “converted a piece of land measuring approximately 1764.44 square metres situate at Plot 7B, Block CBD.1, Lekki Peninsula Scheme 1, Eti Osa Local Government Area of Lagos State, property of Ocean Trust Limited for your own use and to the use of others, and thereby committed an offence contrary to Section 287 of the Criminal Law Cap C17, Vol. 3, Laws of Lagos State, 2015.”

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He was said to have forged a Deed of Assignment with file number DLS/GC/110323 with the intention of using same to defraud unsuspecting members of the public.

Aderinokun was alleged to have fraudulently obtained N18million from one Mrs Jumoke Fola-Alade on the pretense that he was the owner of the said property contrary to and punishable under Section 314 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State.

In the other charge, Aderinokun and Abdul-Wakil were said to have conspired with others now at large to fraudulently convert a piece of land measuring approximately 913.628 square metres situated at Plot 44, Block 77, Lekki Peninsula Scheme 1 in Eti Osa for their use.

The property in question, which was registered as Number 96 at page 96 in Volume 1993p, belonged to Mr Ben Adebisi Oyekunle and Mrs Bukola Taiwo Oyekunle.

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In one of the counts, Aderinokun and Abdul-Wakil and others now at large were said to have “On or about the 3rd of March, 2012 at Lekki Area of Lagos State in the Lagos Magisterial District, possessed a fraudulent document (Deed of Assignment registered as No 91 at page 91 in Volume 2399) knowing fully well that the document was false and presented same at the Lagos State Land Registry, Alausa, Ikeja for registration and thereby committed an offence contrary to Section 320 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State, 2015.”

In her ruling, Magistrate Oshin admitted Aderinokun and Abdul-Wakil to bail in the sum of N10million and two responsible sureties in like sum. One of the sureties must be a civil servant not below grade level 16 in the State Public Service and must get approval of the Head of Service to stand as surety.

The other surety must be a staff not below managerial level in a reputable organization and if self employed must show evidence of company registration with the Corporate Affairs Commission (CAC) with a minimum balance of N1 million and tax clearance.

The defendants were also ordered to deposit their valid international passports to the court, while the official and residential addresses of the sureties are to be verified by the prosecutor.