Ikeja, Sept. 9, 2025 (NAN) The police on Tuesday arraigned a 46-year-old businessman, Sulemon Amodu, before an Ikeja Magistrates’ Court for allegedly defrauding a trader of N17 million.
Amodu, whose address was not provided, is facing a two-count charge of obtaining by false pretence and stealing.
The prosecutor, SP Josephine Ikhayere, told the court that the defendant committed the offences since Oct. 8, 2024, at about 2:00 p.m. within the Ikeja Magisterial District.
She said that Amodu obtained N17 million from one Michael Adekunle on the pretext of investing the money in a profitable venture but failed to deliver on the agreement.
“The defendant dishonestly converted the money to his personal use and refused to refund it, thereby committing theft,” Ikhayere told the court.
The prosecutor added that the offences contravened Sections 314(1)(3) and 287 of the Criminal Laws of Lagos State, 2015, which prescribe several years’ imprisonment for offenders.
The defendant, however, pleaded not guilty.
Magistrate Lateef Owolabi admitted the defendant to bail in the sum of N1 million with two sureties in like sum.
He ruled that the sureties must be gainfully employed and provide evidence of tax payments to the Lagos State Government as part of the bail conditions.
Owolabi adjourned the case until Sept. 15 for mention.
The News Agency of Nigeria (NAN) reports that obtaining money under false pretence and stealing are serious financial crimes that have become common in commercial centres like Lagos.
Legal experts say the state government has in recent years tightened enforcement of its criminal code to tackle business-related fraud, which has cost many entrepreneurs huge sums.
If found guilty, Amodu faces the possibility of a lengthy jail term.(NAN)
