Businessman, 54, docked for alleged N10m fraud

A 54-year-old businessman, Jeremiah Akinbami, on Monday, appeared before an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding a bank of N10 million.

Akinbami, who resides in the Ketu area of Lagos, is standing trial on a three-count charge of obtaining money under false pretences, stealing and issuing a dud cheque.

The defendant pleaded not guilty to the charge.

The Prosecutor, Insp. Donjour Perezi, told the court that the defendant committed the offences sometime in March at Jesee Field Microfinance Bank, Ketu, Lagos.

Perezi said that the defendant fraudulently obtained N10 million from the bank under a false pretence of investing it in a vessel business, which he failed to do.

“He later issued a cheque of N9 million to First City Monument Bank which was dishonoured due to insufficient funds,” he said.

Perezzi said that the defendant was arrested when the complainant reported the case to the police.

The prosecution said the offences contravened Sections 287, 314 and 321 of the Criminal Law of Lagos State, 2015.

Reports state that Section 287 stipulates three years imprisonment for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses.

The trial judge, Magistrate, Mrs O.M Ajayi, granted the defendant bail in the sum of N250,000 with two sureties in like sum.

Ajayi ordered that the sureties should be gainfully employed and one of them must be related by blood.

She added that the sureties should show evidence of two years tax payments to the Lagos State Government.

Ajayi adjourned the case till Dec. 17 for mention.