Trader in court over alleged N5.7m theft

A 54-year-old trader, Malvis Izobo, was on Wednesday arraigned in an Igbosere Magistrates’ Court in Lagos for allegedly stealing his colleague’s N5.7 million.

Izobo, whose address was not given, is facing a three-count charge bordering on conspiracy and stealing.

The Prosecutor, Insp Ingobo Emby told the court that the accused committed the offences on Jan. 22 at No. 124, Bamigbose St., Lagos Island.

He said the accused stole the N5.7 million belonging to the complainant, Mr Felix Akobi.

“The said money was paid into the account of the accused of onward remittance to the complainant.

“The accused refused to remit the said money to his business partner’s account and used it,” he said.

Emby said the offences contravened Sections 287 (8) and 411 of the Criminal Law of Lagos State, 2015.

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The News Agency of Nigeria (NAN) reports that Section 287 stipulates a three-year jail term for offenders.

The accused, however, pleaded not guilty to the charge.

The Magistrate, Mr Martins Owunmi, granted the accused bail in the sum of N500,000 with two sureties in like sum.

He said that the sureties should be gainfully employed and should show evidence of three years tax payment to the Lagos State Government.

Owunmi adjourned the case till May 5 for the mention.