Businessmen In Court Over N10.5m Fraud Charge

A businessman, Raheed Ademola, who allegedly obtained N10.5 million under false pretence, on Friday appeared before an Igbosere Magistrates’ Court in Lagos State.

Ademola, 51, whose residential address was not given, is standing trial on a two-count charge bordering on fraud and issuance of dud cheque.

The Prosecutor, Insp. Ingobo Emby, told the court that the accused committed the alleged offences sometime in Sept 2017, at No. 12/14, Sangojimi St., Amusa Road, New Oko-Oba Lagos. He said that the accused fraudulently obtained the sum of N10.5 million belonging to Edge Leasing Solutions Ltd. and failed to repay the money.

Emby said that the accused issued two different First bank cheques of N1.2 million and N9.3 million respectively but the cheques were dishonoured on presentation due to insufficient funds.

The offences contravened Sections 321 (b) and 287 of the Criminal Law of Lagos State, 2015. The accused pleaded not guilty to the charge. In his ruling, the Magistrate, Mr A. A. Adefulire, granted N500,000 bail to the accused with two sureties in like sum.

Adefulire said that the sureties must be gainfully employed and must show evidence of identification. He also ordered that the sureties must have not less than N200,000 in their accounts and have their addresses verified by the court.

The case was adjourned until Aug. 8 for mention.