Businessman, 37, docked for alleged N5m mint notes fraud

A 37-year-old businessman, Chidi Nwokolo, was on Friday brought before an Ebute Meta Chief Magistrates’ Court, Lagos State, for allegedly defrauding a man of N5.07 million on the pretext of giving him mint Naira notes.

Nwokolo, is facing a two-count charge of fraud and stealing, to which he pleaded not guilty.

The prosecutor, Mr A.O. Nwabuisi, attached to the State Criminal Investigation and Intelligence Department, Panti, Yaba, told the court that the defendant committed the offences sometime in November 2021 at Amuwo-Odofin, Lagos State.

He said that Nwokolo claimed that his wife was a staff of Central Bank of Nigeria and that he could supply the complainant, Mr Ifeanyi Orji, mints Naira notes in different denominations.

Nwabuisi said that the complainant transferred N5.07 million to the defendant for the transaction but he absconded.

The alleged offences contravene Sections 314 and 287 of the Criminal Law of Lagos State, 2015.

Reports state that Section 314 provides for 15 years’ imprisonment for obtaining by false pretences, while Section 287 stipulates three years’ imprisonment for stealing.

The Chief Magistrate, Mrs O.O. Ikobayo, admitted the defendant to bail in the sum of three million Naira with two sureties in like sum.

She directed that one of the sureties must be a blood relation of the defendant while the other must be a traditional ruler.

Ikobayo held that the sureties must reside within the court’s jurisdiction, be gainfully employed and have evidence of three years’ tax payment to Lagos State Government.

She remanded the defendant at the Ikoyi Correctional Centre, Lagos, pending perfection of his bail.

She adjourned the case until April 25 for mention.