Ado-Ekiti, Jan. 14, 2026 (NAN) A manager of a Rural Empowerment and Nutrition Improvement Initiative (REANII) Microfinance Bank, Olajuwon Toyin, on Wednesday appeared before an Ado-Ekiti Chief Magistrates’ Court for allegedly obtaining N2.5 million under false pretences.
Toyin, 31, is standing trial on a two-count charge of fraud and conversion of funds.
The police prosecutor, Insp Olubu Apata, told the court that the defendant committed the offences between July and October 2025 at Otun-Ekiti.
He alleged that the defendant obtained N2.5 million under the false pretence of disbursing the money to customers but failed to do so.
Apata said that the defendant fraudulently converted the funds to his personal use.
According to him, the offences contravened Sections 329(3) and 302(1) of the Criminal Law of Ekiti State, 2021.
He urged the court to adjourn the case to enable him to study the case file and assemble his witnesses.
The defendant, however, pleaded not guilty to the charges.
Counsel to the defendant, Mrs Joy Raphael, urged the court to grant him bail, assuring the court that he would not jump bail.
The Chief Magistrate, Mrs Taiwo Ajibade, granted the defendant bail in the sum of N200,000 with one surety in like sum.
Ajibade ruled that the surety must present evidence of two years’ tax payment or an international passport.
She adjourned the case until Feb. 3 for hearing. (NAN)
