Man in court for allegedly defrauding loan agency N400,000

The police on Wednesday brought a 40-year-old man, Isaiah Ighosere, before a Badagry Chief Magistrates’ Court in Lagos State, for allegedly defrauding a loan service company, of N400,000.

Ighosere, who has no fixed address, is facing a three-count charge of fraud, stealing and breach of peace, to which he pleaded not guilty.

The prosecutor, ASP Clement Okuoimose, told the court that the defendant committed the offences from January 2022 to June 10, 2022, at the office of Sure Credit Ltd., opposite Trade Fair Complex, Ojo, Lagos State.

Okuoimose said that the defendant obtained the loan from the company to repay in installments, but refused to repay within the stipulated time.

The prosecutor added that the defendant converted the money to his personal use.

He said that the defendant also conducted himself in a manner likely to cause breach of peace by intentionally refused to repay the loan.

According to him, the offences contravene Sections 314, 287 and 168 of the Criminal Law of Lagos, 2015.

Newsmen reports that Section 287 stipulates three years’ jail term for stealing.

The Chief Magistrate, Mr. Fadahunsi Adefioye, granted the defendant bail in the sum of N100,000 with two sureties in like sum.

Adefioye ordered that the sureties must reside within the court’s jurisdiction and have evidence of tax payment to Lagos State Government.

The chief magistrate adjourned the case until Aug.11 for mention.