A 47-year-old man, Olufemi Babajide, on Friday appeared before a Yaba Chief Magistrates’ Court, Lagos State, for alleged six million Naira fraud.
Babajide, who resides at Yaba, is facing a three-count charge of conspiracy, obtaining by false pretences and stealing.
He, however, pleaded not guilty to the charge.
The prosecutor, ASP Rita Momah, told the court that the defendant committed the offences in April 2019 in Lagos State.
Momah said that the defendant collected the sum from the complainant, Mr. Maxwell Ekong, with a promise to invest it in foreign exchange trading and be remitting a monthly interest to him.
She said that the defendant failed to invest the money, but diverted it to his personal use.
Momah said that efforts made by the complainant to get back his money proved abortive.
She said that the offences contravened Sections 411, 314 and 287 of the Criminal Law of Lagos State, 2015.
Section 314 stipulates 15 years’ imprisonment for obtaining by false pretences, while Section 287 provides for three years’ jail term for stealing.
The Chief Magistrate, Mrs. A.O. Salawu, granted the defendant bail in the sum of N500,000 with two sureties in like sum.
Salawu ordered that the sureties must be gainfully employed and reside within the court’s jurisdiction.
She added that each surety must submit his National Identification Number, six months’ bank statement of account and Lagos State Residents Registration Agency card.
Salawa added that the sureties must show evidence of three years tax payment to Lagos State Government.
She adjourned the case until Aug. 22 for mention.