Ogunbambo was arraigned alongside his company, Adeline Investment Ltd., before Justice Olabisi Akinlade of a Lagos High Court in Ikeja.
He is facing a 14-count charge bordering on conspiracy, obtaining by false pretences, forgery and uttering.
EFCC counsel, Mr Francis Usani, alleged that Ogunbambo had committed the fraud between Feb. and Sept. 2009.
Usani alleged that he had conspired with the duo of Olamide Ogunbambo and David Ayodele( both now at large) to fraudulently secured the loan
He said the loans were granted to him by the bank in the sums of N610 million, N230 million, N200 million and N180 million respectively
Usani said they were paid into Ogunbambo's Guarantee Trust Bank Plc account no: 202142-3/519110 and Bank PHB account no:1011335824.
He alleged that Ogunbambo had claimed to the bank officials that he was earning a monthly salary of N5.5 million with an additional N5 million monthly housing allowance, to facilitate the fraud.
Ogunbambo was also alleged to have forged bank statements purportedly issued by Bank PHB and Guarantee Trust Bank and had presented them to Stanbic IBTC Bank as genuine.
Usani said the defendant's alleged offences contravened Section 8 of the Advance Fee Fraud and other related offences Act of 2006.
He said it also contravened Sections 467 and 468 of the Criminal Code Laws of Lagos State 2003.
Ogunbambo had pleaded not guilty to the charge and the judge fixed Nov. 27 for hearing of his bail application.
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