Man charged with N1.8m fraud

From Victor Akinkuolie, Ado-Ekiti
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A 46-year-old man, Oluyemi Olusegun, has appeared before an Ado-Ekiti Chief Magistrates’ Court for allegedly defrauding a Micro-finance bank of N1.8 million.

Olusegun, whose address was not disclosed in the charge sheet, is standing trial on a charge of fraud.

The police prosecutor, Inspector Oriyomi Akinwale, told the court that the accused committed the offence sometimes in the month of January, 2019 in Ilupeju-Ekiti, Oye Local Government Area.

Akinwale said that the defendant borrowed money from ALBATROSS VENTURES, a Micro-Finance Bank.

It was learnt that the defendant obtained the loan facility through the nominal complainant,  Miss Mercy Adebayo, who is the manager of the bank.

The prosecutor disclosed that Olusegun disappeared since he borrowed the money, saying all efforts to arrest him proved abortive.

He said that it took the concerted efforts of the police detectives before he was eventually apprehended.

Akinwale said the offence contravened section 419 of the Criminal Code, Laws of Ekiti State, 2012.

The prosecutor asked the court for adjournment to enable him study the case file and present his witnesses.

The accused person pleaded not guilty to the charge.

His counsel, Mr. Busuyi Ayorinde, urged the court to grant him bail, promising that he would not jump bail.

The Chief Magistrate, Mr. Adesoji Adegboye, granted bail to the defendant in the sum of N500,000 with two sureties in like sum.

Adegboye said one of the sureties must be a civil servant.

He adjourned the case till February 3 for hearing.