Businessman charged with N11m fraud

A 41-year-old man, Timothy Adeyemi, who allegedly obtained 1,200 bags of Dangote Sugar worth N11 million under false pretences, was on Wednesday brought before a Yaba Chief Magistrates’ Court in Lagos State.

The accused whose address is unknown is facing charges of conspiracy, obtaining under false pretences and stealing.

Adeyemi, however, pleaded not guilty to the charges.

The prosecutor, Insp. Romanus Unuigbe told the court that Adeyemi committed the offences sometime in April 2012 at Iddo near Oyingbo in Lagos.

He said that the accused and others still at large, persuaded the complainant, Mr Matthew Imobekhai, to sell 1,200 bags of Dangote Sugar worth N11 million to them under the pretext that they would pay after sales.

He explained that after the accused had fraudulently obtained and sold the sugar, he refused to remit its proceeds to the complaint.

He said the accused, instead, diverted the proceeds to his personal use and bought a tipper lorry truck with registration number XA504EKY with the proceeds.

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Unuigbe said that the accused was arrested recently after they had been looking for him since 2012.

He said the offences contravened Sections 278, 314 and 411 of the Criminal Law of Lagos State, 2015 (Revised)

The chief magistrate, Mr Adewale Ojo, granted the accused bail in the sum of N500, 000 with two sureties in like sum and adjourned the case until Feb.26 for the mention.(NAN)