Ex-Punch staff arraigned for alleged N950m fraud

Former Punch Nigeria Ltd. Head of Copy Sales, Ogunbanjo Mikhail, has been arraigned in a Lagos court on Thursday on three-count charges of obtaining money by false pretences, forgery, and stealing.

Mikhail allegedly defrauded two men, Olusola Ikuyajesin and Durodola Balogun, of a combined sum of N950 million between January 2017 and December 2022 in Ikorodu, Lagos State.

ASP Rita Momah, the prosecutor, claimed that Mikhail obtained N450 million from Mr Ikuyajesin and N500 million from Mr Balogun under false pretences that the money would be used to purchase stationery for the company.

The accused reportedly forged Punch Nigeria Ltd.’s Local Purchase Orders (LPOs) to carry out the alleged crime, contrary to sections 287, 314, and 365 of the Criminal Law of Lagos State.

The defendant, however, pleaded not guilty to the charges.

The Chief Magistrate, Mrs Adeola Olatubosun, granted Mikhail bail of N10 million and two sureties in the same amount.

She ordered the accused to deposit his international passport with the court and directed that one of the sureties must have a landed property within the court’s jurisdiction.

The case was adjourned until April 5 for the substantive hearing.