Businessman arraigned over alleged N130m fraud in Lagos

A businessman, Ifeanyichukwu Onuegbu, was connected Wednesday arraigned earlier the Federal High Court successful Lagos implicit allegations of fraud involving N130 million.

Onuegbu is being tried alongside his firm, Southeast Edibles and Spices Ltd, earlier Justice Yellin Bogoro.

The defendants were brought earlier the tribunal by the Police Special Fraud Unit connected a four-count complaint bordering connected conspiracy, obtaining wealth nether mendacious pretences, fraudulent diversion, and conversion.

When the charges were read, Onuegbu, who besides represented the company, pleaded not guilty.

The prosecution counsel, M.Y. Bello, told the tribunal that the suspect allegedly conspired with others inactive astatine ample to perpetrate the offences connected August 28, 2024.

He alleged that the accused obtained N130 cardinal from the complainant, Cletus Chukwu, done the company’s account, nether the guise of an concern strategy with promises of precocious returns.

According to the prosecutor, the practice was false, arsenic the funds were allegedly diverted for idiosyncratic usage by the suspect and his associates.

The offences, helium said, contravene Sections 1(3)(a), 8(a), 18(2)(b), and 18(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.

Following a bail exertion by defence counsel, M.C. Ike, the tribunal adjourned proceedings until May 7 ...