A 45-year-old businessman, Dada Alaba, was arraigned on Monday before an Ejigbo Magistrates’ Court in Lagos for an alleged N11 million fraud.
Alaba, whose residential address was not provided, faces a three-count charge of conspiracy, stealing, and fraud.
According to Prosecutor ASP Benedict Aigbokhan, the defendant committed the offences in November 2023 at Unity Estate, Egbeda, Lagos.
Aigbokhan stated that Alaba fraudulently obtained N11 million from the complainant, Mr. Oyedepo Olamilekan, under the pretense of investing the money in a business.
“The defendant did not invest the money but converted it to his personal use,” Aigbokhan said.
The prosecutor noted that the offences contravened Sections 287, 314, and 411 of the Criminal Law of Lagos, 2015.
Alaba pleaded not guilty to the charges. Magistrate K. A. Ariyo granted him bail in the sum of N1 million with two sureties in like sum.
Ariyo stipulated that the sureties must be gainfully employed and provide evidence of tax payments to the Lagos State Government.
The case was adjourned until August 30 for hearing.
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