Crime

Lagos MD/CEO accused of N632.194m fraud

The 52-year old Managing Director and Chief Executive Officer of a foods company (names withheld), who allegedly forged documents of UAC Foods’ purchase order and obtained N632.194 million, by false pretence, was yesterday charged before an Igbosere magistrate’s court, Lagos.

The defendant, whose residential address was not given, is standing trial on a nine-count charge bordering on conspiracy, forgery, obtaining by false pretence, stealing and fraud preferred against him by the police.

The prosecutor, Inspector Jimoh Joseph, told the court that the defendant and others still at large committed the alleged offence sometime in 2014.

He said that the incident took place at 24b, Oduduwa Crescent, GRA, Ikeja, Lagos. Joseph said that the man, with intent to defraud, forged UAC Foods Ltd. purchase order, between April 11 and November 3, 2014, and fraudulently obtained credit facility to the tune of N632.194 million from FSDH Merchant Bank Plc, at 1/5 Odunlami Street, Lagos Island.

He said the defendant forged the document as an endorsement in favour of FSDH Merchant Bank Plc, in order that it may be acted upon or used as genuine, whether in Lagos state or elsewhere, to the prejudice of UAC Foods Ltd.

The prosecutor said that the money that was obtained under false pretence belongs to UAC Foods Ltd. However, the defendant pleaded not guilty to the charge. Magistrate A. O. Awogboro granted the defendant N10 million bail, with two sureties in like sum.

She said that the sureties must show evidence of tax payment to Lagos State government, be directors of a company, own property in Lagos State.

Awogboro added that one of the sureties must be a blood relation, addresses verified and deposit N2 million in the registrar’s account. She adjourned till March 8 for mention.

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