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