Lagos Businessman docked over alleged N25m fraud

A 33-year-old businessman, Ayodele Okikiolu, was arraigned in Lagos on Tuesday for obtaining N25 million under false pretences.

Okikiolu, whose address was not given, is facing a three-count charge bordering on fraud, presentation of dud cheque and falsification of documents before an Igbosere Magistrates’ Court in Lagos.

The prosecutor, DSP. Sunday Ekong, told the court that the accused in July 2015 obtained N25 million from one Ikenna Oparaugo, under the pretext of processing a bank loan

The accused also promised to refund the money to Oparaugo after he would have obtained the credit facility.

The prosecutor said that the accused also presented a forged letter of offer of loan to Oparaugo and claimed that it was issued by the bank.

“It was the false letter of offer made by the accused that enabled him to obtain the said sum from Oparaugo,” Ekong said.

According to the prosecutor, the accused issued a dud- bank cheque to the complainant which was dishonoured on presentation due to insufficient funds in his account.

The prosecutor said that the offences contravened Sections 312 (1) (a) (3) and 363 of the Criminal Law of Lagos State, 2011.

The accused denied the charges.

The Magistrate, Mrs O. A. Ogunbowale, granted the accused bail in the sum of N5 million with two sureties in like sum.

She adjourned the case to April 28 for mention.