A 38-year-old businesswoman, Nneka Joseph, was on Tuesday docked in a Kado Grade I Area Court, Abuja, for alleged criminal misappropriation.
The police charged Joseph with criminal misappropriation.
The defendant, however, pleaded not guilty to the charge.
The Prosecution Counsel, Stanley Nwafoaku, told the court that on April 12 at about 3p.m, Mrs Amaka Egbo of Alibro Atrium, Utako, Abuja reported the matter at the Utako Police Station.
Nwafoaku said that, in September 2022, the defendant visited the complainant’s shop and pleaded with her to open a Point Of Sale (POS) business for her, which she obliged without hesitation due to their longterm friendship.
He said the complainant agreed to invest N400, 000 in the business and both agreed to share the accrued interest were Egbo takes 40 per cent and Joseph 60 per cent because she would manage the business.
The prosecutor alleged that since the business began til date, Joseph has not given the complainant any money as agreed on sharing of the interest.
He said the complainant took stock of the business transactions on April 13 and discovered that the defendant had squandered both the capital and interest from the start of the business till date.
Nwafoaku said that during police investigation, the defendant admitted to the crime, adding that the offence contravenes the provisions of Section 309 of the Penal Code Law.
The Defense Counsel, Simon Cornelius, made an oral bail application, citing Section 36 of the 1999 Constitution (as amended) and Section 158 of Administration of Criminal Justice Act (ACJA), 2015, assuring that the defendant would not jump bail, if granted.
Cornelius told the court that the defendant was presumed innocent until proven guilty by the court adding that she has been responsible while on administrative bail and has a reasonable surety for her bail.
The Judge, Muhammed Wakili, admitted the defendant to bail in the sum of N300, 000 with one surety in like sum.
Wakili ordered that the surety must provide a BVN print out, a recent passport photograph and a valid identification card, which must be verified by the court registrar.
The judge adjourned the matter until May 15 for hearing.