A Forex trader, Henry Gabriel, on Monday, appeared before a Federal Capital Territory (FCT) High Court in Zuba, charged with misappropriating $10,000, property of Navy Capt. A. Madaki.
The defendant and his company, HDFX Limited, are facing two counts of criminal conspiracy and breach of trust.
The prosecution counsel, Mr. Abubakar Aminu, alleged that the defendant, through his company, converted the money belonging to Madaki to personal use sometime in 2022.
Aminu said that the complainant entrusted the money to the defendant for an investment in forex trade by his company for a cycle of one year.
The prosecution further alleged that it was discovered that the defendant’s company was operating without due authorisation or license.
The offence, he said, contravened the provisions of sections 97 and 312 of the Penal Code.
The defendant, however, pleaded not guilty.
The defence counsel, E.J. Ayinmode, made a bail application pursuant to sections 165 and 162 of the Administration of Criminal Justice Act (ACJA) and 36 of the Nigerian Constitution.
Ayinmode sought the admission of the defendant to bail pending the determination of the case, adding that he was on administrative bail and had been diligent.
The prosecution counsel, however, did not oppose the application.
Justice Kezziah Ogbonnaya granted the defendant bail with two sureties.
She said that one of the sureties must show evidence of ownership of a property within the FCT while the other surety must have $10,000 or its equivalent.
Ogbonnaya adjourned the matter until March 18 for hearing.(NAN)
