A 61-year-old trader, Ayo Idowu, was on Friday charged before an Ikeja Magistrates’ Court in Lagos for allegedly obtaining the sum of N767,000 loan under false pretence.
Idowu, 61, who resides at No. 12, Apostle Kayode St., Olorunda, Lagos, is standing trial on a two-count charge of conspiracy and stealing.
The Prosecutor, Babaji Ishaku, told the court that the accused committed the offences with two others still at large on March 9 at P-Will Global Investment Limited located at 27, Lagos-Abeokuta Expressway, Meiran, Lagos.
He said the case was reported by one Mabel Sule against the accused who stood as a guarantor for her son, Micheal Olubayo, who had absconded.
“The accused fraudulently collected credit facilities to the tune of N767, 000 from P.Will Global Investment Limited under the pretext of starting a business.
“An agreement was reached between the complainant and the accused to pay back with interest under a period of time.
“The accused defaulted and all efforts to retrieve the money proved abortive as the accused was not reachable,” Ishaku said
He alleged that after series of investigations, it was discovered that the accused had converted the money to his own personal use and absconded.
He said that Idowu was arrested because she couldn’t produce her son.
The prosecutor said that the offences contravened Sections 285 and 409 of the Criminal Law of Lagos State, 2011.
The accused, however, pleaded not guilty to the charges.
The Magistrate, Mr J.A Adegun, granted the accused bail in the sum of N100, 000 with two sureties in like sum, one of who must be a property owner in Lagos.
Adegun adjourned the case till Dec. 14 for mention.
