The Economic and Financial Crimes Commission on Friday arraigned a former Chairman of the Ondo State Peoples Democratic Party, Clement Faboyede, for an alleged fraud of N500m.
Faboyede was arraigned alongside Modupe Adetokunbo before the Federal High Court in Lagos.
The three charges pressed against them border on conspiracy and money laundering.
The EFCC claimed that in the charges that Faboyede and Adetokunbo received a cash sum of N500m from one Owolanke Michael in the build-up to the 2015 general election.
Faboyede was accused of making N500m cash payment to the Ondo State Election Committee of the PDP.
The prosecuting counsel for the EFCC, Ekene Iheanacho, said the defendants committed the offence on March 27, 2015, adding that they acted contrary to Section 18 of the Money Laundering (Prohibition) Act, 2011 and are liable to punishment under Section 16(2) of the same Act.
But upon their arraignment on Friday before Justice Saliu Saidu, Faboyede and Adetokunbo pleaded not guilty.
The judge, while adjourning the case till September 17, 2018, ordered that the defendants should be remanded in the prison custody.