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Businessman Gets N500,000 Bail For ‘N1m Fraud’

A 32-year-old businessman, James Iheagwu, is standing trial before an Ogudu Magistrates’ Court for allegedly defrauding a microfinance bank of N1 million.

The defendant is accused of obtaining money under false pretence, stealing and issuing dud cheque.

Prosecutor Lucky Ihiehie said the offence was committed last October at Ojota, Lagos.

He alleged that the defendant obtained N1million from the complainant, David Dani Microfinance Bank, on the pretext of funding his (defendant’s) supermarket.

Ihiehie said the complainant apprehended the defendant after he failed to repay the loan.

“After settling the matter at the police station, with the defendant promising to repay the loan, he issued the complainant a dud cheque to the prejudice of the bank.”

The defendant pleaded not guilty and requested for bail.

Magistrate E. Kubeinje granted him N500, 000 bail with two sureties in the like sum.

She said the sureties should show evidence of two years tax payment to the Lagos State Government as part of the bail conditions. The case continues on April 8.

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