Lagos, Jan. 16, 2026 (NAN) A 38-year-old man, Ayeni Morakinyo, on Friday appeared before an Ogudu Magistrates’ Court, Lagos, over an alleged N5 million fraud involving the sale of a Lexus LS460.
Morakinyo, of Iju-Ishaga, is facing a one-count charge of stealing, preferred against him by the Nigeria Police, Ogudu Division.
The Police Prosecutor, Donjour Perezi told the court that the defendant committed the offence between Aug. 7, 2024, and April 7, 2025, at No. 4, Association Close, Ogudu, Lagos.
He said that Morakinyo dishonestly converted to his personal use N5 million, being proceeds from the sale of a Lexus LS460 belonging to one Ikwu Augustine, his friend.
Perezi said the money was entrusted to the defendant for onward remittance to the car owner, but he allegedly failed to remit the balance after making a part payment.
He said that the defendant sold the car for N8 million, paid N3 million, but kept N5 million for his own use.
The offence, according to him, contravenes Section 287(9) of the Criminal Law of Lagos State, 2015.
The defendant pleaded not guilty to the charge.
The Magistrate, Mrs S.K. Matepo, granted him bail in the sum of N1 million with two reliable sureties in like sum.
The case was adjourned until Jan. 21, for further proceedings. (NAN)
